GBP/USD, USD/JPY Targets
eFXnews | Sep 19, 2014 06:29AM ET
"The Scots said ‘NO’ and a fortnight of volatility can now fade away, even if the long-term implications of the vote will continue to be felt. While Chair Yellen spoke dovishly, it is clear that the Fed is still marching steadily towards the exit from QE and zero rates. That’s going to support the dollar.
So far, the response in equity, credit and emerging markets is far more sanguine than during 2013’s ‘Taper Tantrum’ but USD will make gains across G10 FX.
GBP/USD is a strategic sell above 1.65, USD/JPY is targeting 110.50 next. EUR/USD positioning is still heavily short but a disappointing TLTRO take up maintains pressure on the ECB to ‘do more’. NZD is vulnerable to election news this weekend remains a short vs USD along with AUD. And after last weekend’s Swedish elections, we remain bullish of USD/SEK and NOK/SEK."
GBP/USD A Strategic Sell Above 1.65; USD/JPY Targeting 110.50 Next - SocGen
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