Forex Flash: USD and JPY soar on risk-off sentiment – Wells Fargo

Forex Flash: USD and JPY soar on risk-off sentiment â€" Wells Fargo

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Forex Flash: USD and JPY soar on risk-off sentiment Wells Fargo

FITITOL--> FXstreet.com (Barcelona) - This week is opening in a very risk-off mood as Sarkozy risks losing his place as President of France after yesterday’s elections, the Dutch government will resign after budget talks collapse, and weak manufacturing PMI data in China, Germany and EMU.

“Overall it appears that FX markets remain in a corrective phase, and the back-and-forth trading of recent days could well continue. For the week ahead several events stand out as having potential market impact”, says Nick Bennenbroek, head of currency strategy at Wells Fargo Bank, naming the FOMC meeting (“is unlikely to see any policy change”) and the BoJ monetary policy announcement.