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JPY Mid-day Analysis

The safe haven repatriation appears to have run its course especially given the reversal on

The Dollar justifiably rallied in the wake of the Fed’s promise to be patient because

A relief rally is justified in the Canadian but we don’t see the prospect of

We think the Pound deserves a measure of short covering and at least a temporary return to

AUD/USD: We initially saw some profit taking in Asia but bounces have been limited.

Ifo index rises in December, driven by expectations. Manufacturing sector less gloomy,

EUR/USD has declined sharply near the resistance area between 1.2577 (04/11/2014 high) and 1.2600,

The SNB defends the CHF floor with an interest rate of now -0.25%. If needed, a further cut and interventions are possible. The floor will not move.

EURUSD: The test into the 55d ma band ended with an impulsive rejection and

The German IFO expectations are due for release and we look for another positive surprise.

The German 10-year yield revisited its record-lows yesterday,

The pair closed in NY Wednesday at $1.5578 after rate had been pressed down to