Bank of Tokyo-Mitsubishi UFJ: Lockhart’s comments have had limited dampening impact

Atlanta Fed President Lockhart’s comments overnight that it is not clear yet whether the Fed will begin to “cautiously” taper QE in “September, October or December” have had only limited dampening impact given that he is not voter again on the FOMC until 2015.

The positive impact from higher US yields upon the US dollar has been most evident against the yen with yields declining in Japan, while yields have also risen sharply in the euro-zone and UK limiting downward pressure upon EUR/USD and GBP/USD.

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