From stonex.com

Yen bulls loaded up ahead of Friday's BOJ meeting, and perhaps their conviction was justified by the central bank's subsequent inflation upgrades. While the BOJ held rates steady, its hawkish outlook leaves the door open for further tightening. Meanwhile, euro shorts reached an 11-year extreme despite EUR/USD holding above its May low, raising the risk of a short squeeze. US dollar bulls also remained firmly positioned ahead of the Fed meeting, with little evidence of a significant change in sentiment following its decision. • US Dollar: Bulls retained $37.4 billion in net-long exposure ahead of the Fed meeting. ... ( full story )

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MUFG expects two more ECB rate rises to support the Euro, but energy-driven inflation and strained bond markets leave the currency's outlook unsettled. The Euro-to-Dollar exchange rate finished Friday at $1.1160, down 0.20%, leaving the single currency struggling for momentum despite the prospect of further European Central Bank tightening.…