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Forex Flash: KRW remains strong play vs. JPY – Westpac

According to the Westpac Strategy Team, “From the perspective of the yen, it seems likely that in the near term that currencies such as KRW will maintain a fairly strong positive correlation with JPY (i.e. upside in USD/JPY will continue to bias USD/KRW higher) – rhetoric around JPY/ KRW weakness from Korean officials still appears to be quite strong.”

Moreover, “It is probably a similar story for USD/TWD, although from a fundamental perspective we see Taiwan less exposed than Korea to a weakening yen – equity investors seem to have a similar outlook.” the team adds. Flows in Taiwan equities now stand at +USD $1.5B in the past 7 trading sessions and Taiwan equities are trading through recent highs and we would also note that the growth pulse has started off 2013 on a firm footing.

Forex Flash: Bearish gap closes as Bunds test resistance – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Bund prices tested the 142.95 resistance, being the 50% retracement from the July 2012 impulse wave on a continuation chart, which closed the 142.50 bearish gap from 28 January 2013, suggesting more recovery towards the 143.70 mark is likely.”
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Forex: EUR/USD muted after German data

The bloc currency paid no attention to the annualized contraction of the Factory Orders in Germany, falling 1.8% during December and growing 0.8% on a monthly basis, below the +0.9%...
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