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Hardy: Why I'm avoiding yen crosses
The Japanese yen's has been hitting four year lows against the euro and six month lows against the dollar. So what's going on? Saxo Bank's Head of FX Strategy, John Hardy, says it's a tricky one to play. He says the weak yen is feeding off the "complacency" we're witnessing in riskier asset markets which have seen some stock markets hit record highs in recent days. It's difficult to know where that's going to end so for now he's steering clear of yen crosses.
He also says the European Central Bank has already cut rates and there's speculation it will go further in introducing more easing. However, the market seems to be suggesting that it's only going to react to those rumours once they happen. He says the euro is still fairly elevated against the dollar. This week he'll be looking at whether we get a euro dollar turnaround.
01:42 minutes
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