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FX Weekly: 26th September 2011

Sunday, September 25, 2011 Add Comment Edit

Avalanche of comments from G20 central banks, IMF and Europe over the weekend has arrested sharp equity declines and supported market confidence– nothing new has been announced but market participants are expecting some form of resolution this week – rumours of a €2Trn multilateral master plan including Eurobonds are rife and most asset classes remain volatile in early Monday trade
Expectations of an ECB 50bp rate cut at their Oct 6th meeting have started to be priced in; hikes not expected until late 2012/early 2012.
BoJ intervention ahead of fiscal year-end would be an opportunity to re-enter EUR/JPY and GBP/JPY shorts ahead of ECB and BoE easing

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