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USD/JPY At 7-Week Low: How To Position? - Nomura
The USD/JPY is edging downward this week and is now trading below 97, the lowest level in seven weeks. In this regard, Nomura thinks that there are various factors contributed to this move lower: expectations for seasonal weakness of the USD/JPY in August, weaker than expected July US nonfarm payrolls, and concerns over a delay of the consumption tax hike. Of these 3 bearish factors, Nomura argues that the higher uncertainties about the implementation of consumption tax may result in even more unwinding of USD/JPY long positions in the near future. "Weaker growth momentum with higher uncertainty related to ... (full story)
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