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● JPY – The yen opened the week with a marginal recovery, rising from USD/JPY 104 to 103. For the decline seen in recent weeks to continue (to/above USD/JPY 105) US data will probably have to prove positive across the board, in order to consolidate expectations for a fed funds rate hike before the end of the year. In the meantime, finance minister Taro Aso reasserted last night that disorderly exchange rate movements produce negative effects, adding that currency market trends should be monitored carefully.

Look, Majors, Fundamental Analysis, fx trader, forex chart-1

Look, Majors, Fundamental Analysis, fx trader, forex chart-2Source: Thomson Reuters and Intesa Sanpaolo elaborations

Asmara Jamaleh
Economist – Forex Markets
Intesa Sanpaolo Research Department

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