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Dipping Below 100bps For Next Two Fed Meetings

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FOREX: SOC GEN VIEW: Both EUR and JPY are undervalued against the US dollar,
because getting (and keeping) the currency down has been a policy priority of
both ECB and BOJ. Europe's economy is recovering a little faster than Japan's
and inflation expectations have moved further away from zero, which has allowed
the ECB to shift its focus towards slowing bond purchases and normalizing policy
far sooner than the BOJ will. We've seen EUR/JPY rally sharply but the current
correction offers a chance of a second bite at the cherry. We're looking for a
test of the post-1980- resistance line at 141.

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