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Sep 2, 2013
AUD/JPY capped below 88 ahead of Australian data
The AUD/JPY foreign exchange cross rate is last trading at 87.81 off recent session highs at 88.06, a +0.51% higher from previous weekly close Friday on the back of Aussie strength following better than expected China manufacturing PMI released during the weekend.
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Sep 2, 2013
Flash: EUR/USD to move into 1.30-1.31 next - BBH
Our concern has been that the market is likely to be disappointed by the FOMC. There are many moving pieces and each is a potential source of disappointment. If the broad consensus is right and the Fed tapers in September, there can be a buy the rumor, sell the fact, behavior in the dollar and the opposite in US Treasuries.
The market may be disappointed if the Fed reduces its monthly purchases by $10 bln rather than $20 bln. The market may be disappointed by the allocation of its tapering between Treasuries and MBS. Lastly, of course, the market would be disappointed if the Fed waited to taper.
However, such disappointment, if it is to come, is likely after additional dollar gains. During this phase, we initially anticipate the euro to move into the $1.3000-$1.3100 area.
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The market may be disappointed if the Fed reduces its monthly purchases by $10 bln rather than $20 bln. The market may be disappointed by the allocation of its tapering between Treasuries and MBS. Lastly, of course, the market would be disappointed if the Fed waited to taper.
However, such disappointment, if it is to come, is likely after additional dollar gains. During this phase, we initially anticipate the euro to move into the $1.3000-$1.3100 area.