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The euro suffered from the Draghi drag but the yen did not fall as much. What’s next? Here is the view from Nomura:

Here is their view, courtesy of eFXnews:

Nomura FX Strategy Research discusses the JPY outlook ahead of the BoJ meeting this week, noticing that the central bank is becoming  a lone dove  among the major central bank community.

“Foreign central banks are taking steps toward policy normalisation, but the  BOJ’s accommodative policy stance will likely remain intact next week, as we think a downgrade of its inflation forecast is inevitable again.

We think the BOJ’s persistently accommodative policy stance will weaken JPY against the major currencies,” Nomura argues.

In line with this view,  Nomura  continues to recommend long EUR/JPY exposure into end-Dec 2017.

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