– Japan’s government approved stimulus package
– BoK unchanged, maintaining dovish bias
– Italy to sell 2yr and 4yr bonds today
– We have revised our three-month USDJPY forecast higher to 91
What to watch for today
GBP: Stronger IP. Our economists expect a solid 1.9% mom rebound in November industrial production, stronger than the Bloomberg consensus for a 0.8% rise. This is partly due to the mining and resource extracting sectors, which are likely to expand after a sharp contraction in September and a modest fall in October. We are currently short EURGBP in our cash portfolio, targeting a move lower to our three-month 0.78 forecast.
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