Weekend news that ABB are close to finalising sale of 80% of its power-grids unit to Hitachi
- scheduled announcement of the transaction as early as Monday
Bloomberg with the weekend report, citing 'people familiar with the matter"
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This would likely result in a large sell of yen. I would caution that news like this often dribbles out as the FX hedge part of the transaction is complete or near to being complete. That is, the yen weakness we have been seeing could well have something to do with this. CHF side, buying.
UPDATE:
- USD/JPY last at 113.32
- USD/CHF last at 0.9968
