Forex Flash: USD/JPY enters a new phase of consolidation – Societe Generale
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USD/JPY
FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that USDJPY entered a new phase of consolidation but should be boosted by upcoming US retail sales and Empire data.
He sees that the fiscal cliff and Sandy did some damage to Q4 which is reversing currently and feels that these indicators will give an indication of the split between Q4 and Q1. He adds, "Payroll taxes did go up 2% but that impact is yet to be seen as is that of fiscal tightening. Bernanke was his classical self insisting QE does work on mortgages, while overall surprisingly optimistic on the US in line with the market."
He sees that the fiscal cliff and Sandy did some damage to Q4 which is reversing currently and feels that these indicators will give an indication of the split between Q4 and Q1. He adds, "Payroll taxes did go up 2% but that impact is yet to be seen as is that of fiscal tightening. Bernanke was his classical self insisting QE does work on mortgages, while overall surprisingly optimistic on the US in line with the market."
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