Back
25 Mar 2013
Forex Flash: Mild Kuroda disappointment may not linger for long - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that the mild disappointment over the lack exceedingly aggressive rhetoric from the BOJ’s Kuroda late last week may not linger for long given that primary expectations for monetary accommodation remain very much entrenched.
On the positioning front, he adds that net speculative CFTC JPY shorts were increased in the latest week but we would prefer a sell rally consolidation in the near term., especially if 95.00 continues to remain sticky on the upside. Meanwhile, he notes that the nearest support is expected towards 93.15. Pivoting to AUD/USD, Ng comments that the improvement in risk appetite levels may underpin the likes of the AUD in the near term with little in the way of first tier data this week. He finishes by writing, “On the CFTC front, note that net speculative AUD longs picked up in the latest week and this may provide a rallying point for AUD bulls if global sentiment continues to improve multi-session. Expect initial resistance to kick in towards 1.0483 while intra-day, a floor may emerge on approach of the 1.0410 area.”
On the positioning front, he adds that net speculative CFTC JPY shorts were increased in the latest week but we would prefer a sell rally consolidation in the near term., especially if 95.00 continues to remain sticky on the upside. Meanwhile, he notes that the nearest support is expected towards 93.15. Pivoting to AUD/USD, Ng comments that the improvement in risk appetite levels may underpin the likes of the AUD in the near term with little in the way of first tier data this week. He finishes by writing, “On the CFTC front, note that net speculative AUD longs picked up in the latest week and this may provide a rallying point for AUD bulls if global sentiment continues to improve multi-session. Expect initial resistance to kick in towards 1.0483 while intra-day, a floor may emerge on approach of the 1.0410 area.”