Flash: Looking for more yen weakness – Societe Generale
FXstreet.com (London) – Kit Juckes, head of currency strategy at Societe Generale is looking for the next leg in Yen weakness.
“It would have been nice if yen weakness had continued unabated, but with yen shorts on the CFTC at their highest levels since 2007, we can’t expect a straight line move”.
“It’s not comfortable being keen on a consensual trade, but as we trundle towards tapering in the US, and as we get closer to a really clear divergence in BOJ/Fed balance sheet trends, I remain convinced we are now preparing for the next leg in yen weakness”.
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