Deutsche Bank advises clients to stay long USD/JPY reiterating its view that USD/JPY should gradually trade up to 128 over the course of Q3. DB outlines the following 4 reasons behind this view. 1- "Japanese institutional investors continue to buy foreign assets, and not only on dips. Lifers in particular have ramped up purchases with limited sensitivity to the exchange rate. We think pensions, albeit more sensitive, have lifted their ...
EUR/USD continues to grind higher as Greece continues to dominate the headlines. "The main focus was the June Fed meeting where early year expectations of a hike this month now feel a long time ago. There was speculation that Yellen shifted her 2015 dot lower, although as our US economist noted it is hard to tell. With the Fed still in data-dependent mode, more convincing evidence of a Q2 growth pick-up is needed. This week’s May durable ...
Goldman Sachs: The employment components of various manufacturing surveys have been weak (Dallas Fed manufacturing survey, Chicago PMI & the ISM services report)Mining sector job losses may persist and continue to be a dragGS say that the consensus forecast has overestimated jobs growth in May for the last few years, by 56,000 on average over the previous 5 yearsWarm weather likely inflated the jobs number in April, but this may have ...
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