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Forex Flash: RBA action reserved for June – Westpac

FXstreet.com (Barcelona) - The yield pickup offered on AUD over JPY in the 2-year area has ticked higher in recent weeks, but of course remains well below the premium typically associated with AUD/JPY in the high 90s. Japanese investors have not ignored this however – January 2013 saw AUD 5.2B of net sales of AUD bonds, the largest monthly sales in the Ministry of Finance’s series dating to 2005.

The sharp reduction in RBA rate cut pricing over the past month kicked off with the better than expected CAPEX survey and extended on the RBA statement and retail sales bounce. According to Sean Callow, a Global FX Strategist at Westpac, “The market is now pricing a 2.82% low for the cash rate, not far from Westpac’s 2.75% baseline. However, we see the next move coming in June rather than Q4.”

Forex Flash: Too early to call for a USD bull market – ANZ

According to Richard Yetsenga at ANZ, “In our view recent data continues to support the view that the dollar is structurally vulnerable. The basic balance deficit remains very wide, the global private sector only tends to increase Treasury buying when there is a flight from somewhere else, there has still been no obvious recovery in FDI despite all the talk of offshoring.”
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Wall Street rises despite bad US data and Cyprus

The US stocks market traded higher on Tuesday as market didn't pay much attention to the lower-than-expected US consumer confidence and retracements in the housing data. The Dow surged to new all-time high.
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