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Hardy: How to play the return of risk appetite

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There has been a return of risk appetite but Saxo's John Hardy says it's not significant enough to signal the all-clear. Until earlier this Wednesday, the Swiss franc (CHF) was weaker as was the Japanese yen (JPY). The commodity and emerging currencies bounced back late Tuesday he says.

Hardy points to important central bank meetings over the next few hours - Bank of Canada and Reserve Bank of New Zealand. John discusses what he expects from these and how they may affect the currencies.

John discusses the levels to watch out for in USDJPY. He also looks at EURJPY where there's been a significant bounce after a big sell-off.