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28 Feb 2013
Forex Flash: Ben weaves his magic - Societe Generale
Kit Juckes, Global Head of Currency Strategy at Societe Generale feels that investors should take a step back and be impressed.
He notes that Ben Bernanke has weaved his magic over the markets and along with the relative success of yesterday’s BTP auction (i.e., there was decent demand at much higher yields) and the risk mood has turned 180 degrees. He writes, “Today is month-end and with a lot of second division data but nothing likely to be really market-moving, we will see whether the Dow Jones index can launch an assault on 2007 highs, and whether the pro-risk mood takes EUR/USD and USD/JPY up within current rangers, or out through the top of them.”
He notes that Ben Bernanke has weaved his magic over the markets and along with the relative success of yesterday’s BTP auction (i.e., there was decent demand at much higher yields) and the risk mood has turned 180 degrees. He writes, “Today is month-end and with a lot of second division data but nothing likely to be really market-moving, we will see whether the Dow Jones index can launch an assault on 2007 highs, and whether the pro-risk mood takes EUR/USD and USD/JPY up within current rangers, or out through the top of them.”