A CIBC assessment on the dollar-yen via Bloomberg TV

JPY may rally toward 105

  • Japan's fiscal spending announced last month
  • expected tourism boost into the Olympics
  • higher bond yields

Elsewhere:

  • Recovery in China and other Asian economies
  • US-China trade agreement

Should support growth-leveraged currencies (KRW, SGD)

On the NZD - to gain vs. AUD

  • RBNZ to be more cautious about a rate cut
  • Australian bushfires will cut the GDP growth rate, gives potential for another RBA cut and QE