FX markets look to be in a holding pattern awaiting guidance on a possible global policy response to the worsening economic environment, says Emma Lawson, currency strategist at National Australia Bank. "A wholesale global easing cycle is a possibility but from current levels it is difficult for the G-10 to do a great deal," Lawson says. She adds JPY should outperform and there most certainly will be talk of intervention but in these circumstances it is very difficult for the BoJ to prevent appreciation. The EUR/USD is at 1.2428, while the USD/JPY is at 78.22.
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