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Yen Continues to Test Intervention

Last week we saw the Yen continue to plummet as it lost 1.5% on the week.

The week had it move closer to the 160 level as the BoJ failed to make clear its bond tapering program and with no immediate action the market moved the Yen lower against all other pairs.

 

With the only indication being a possible rate hike in July we could see Japan shift from a monetary tightening which we will see play out over the coming weeks.

 

The AUD was the main gainer on what was otherwise a quieter week. The RBA position is that the possibility of a further rate hike is open buoyed the currency higher. This was after the RBA had kept rates on hold and a hawkish tone from Governor Bullock.

 

EUR did recover a little bit during the week the political fallout and upcoming election rounds failed to deliver any real positive up trend for the single currency.

 

Oil once again continued its volatile path. WTI had a continued trend higher week gaining 2.7% to close just above $80.50

 

The week ahead sees further data coming through with US GDP and PCE taking center stage.

Weekly Majors' Market Performance

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