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Rosier Start for European Banks Underpins JPY, USD Pullback

FOREX
  • USD/JPY continues to push higher through early European trade, hitting a new daily high at 131.34 thanks to the buoyant start for equities across Europe.
  • Banking names are seeing solid upside from the off, with Deutsche Bank, Commerzbank and some of the stocks that traded particularly poorly on Friday staging a bounce. The move in stock prices coincides with a pullback for CDS spreads, after hitting alltime highs for some institutions last week.
  • More buoyant equities are translating to losses for the JPY, USD, and favouring AUD, SEK across G10.

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