No support coming for the Yen, the Loonie or even the Aussie in the near-term – SocGen
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Kit Juckes, Chief Global FX Strategist at Société Générale, expects the JPY, CAD and AUD to remain under downside pressure in the short term.
“I can see no support coming for the Yen, the Loonie or even the Australian Dollar in the near-term.”
“But as the SNB reminds us, it’s more allergic to inflation than even the most hawkish central banks, GBP/CHF charts look ominous (sigh) and USD/CHF is closer to being a sell than DXY is.”
“Now, we head onwards to Friday’s BoJ meeting, UK GDP data and of course, US ISM and jobs. Thursday is setting itself up to be an in-between, not-very-exciting day. Maybe it’ll surprise. Maybe the snow will stick, the sun will come out and I’ll have a great day.”
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