Archived IMT (2010.03.16)
JPY weakness broadens amid expectations that Wednesdays announcement from the Bank of Japan will renew the case for quantitative easing. Reports that Japanese FinMin Kan would use FX reserves to fund DPJ programs were later denied but some sources say there may be some truth to them. USD weakness. We expect both the FOMC and BoJ decision to be negative for the JPY as long as there is no marked equity sell-off occurs as a result of the statement. USDJPY WEEKLY technicals point to further advances nearing 92 in the medium tem. GBPUSD is capped at $1.5200, which is the down channel from the Jan 19 high. GBP watchers are cautioned of a speech from BoEs Bean at 19:00 GMT. Note that todays FOMC announcement is due at 18:15 GMT and not 19:15 GMT. EURUSD still shows no signs of regaining $1.38.
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