RBC gets bullish on USD

“A positive stance on the yen is what really differentiated us from the consensus view and that, in turn, was driven by a belief there was a fundamental supply/demand imbalance in favour of the yen,” said Adam Cole, global head of foreign exchange strategy at the Canadian dealer in London. “Yen buyers are relatively easy to identify – exporters, repatriating overseas investors and more recently, we think, central banks.”

Cole said that with Japanese investors abroad running high hedge ratios