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Forex Traders Shrug Off Repeat Central Bank Comments

Forex Traders Shrug Off Repeat Central Bank Comments

2013-08-08 10:01:00
Benjamin Spier, Technical Strategist
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EUROPEAN SESSION UPDATE: BoE’s Carney says there is no question that inflation is the target of policy; ECB says Euro-zone is on its way to a recovery…

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Today’s European session included follow-up statements from three of the major central banks, but none of the comments significantly changed the market’s perception of monetary policy, and therefore did not significantly affect Forex trading.

The European Central Bank released its monthly bulletin today, which reiterated sentiments Euro traders have heard in the past. The ECB lowered its growth forecasts for 2013 and 2014, but said it sees an imminent recovery in the Euro-zone.

Furthermore, also in Europe, BoE Governor Carney spoke to the BBC today, following yesterday’s changes to monetary policy. Carney said there is no question that inflation is the target of the central bank’s policy, which seems to agree with the positive Pound reaction to yesterday’s monetary policy release.

Finally, the BoJ announced earlier today that it will continue monetary easing at the current pace, but Kuroda later said that the central bank will take appropriate steps if prices don’t reach 2% inflation in 2 years. Kuroda said the BoJ still measures the economy reaching 2% inflation in about two years.

In economic releases, Greek unemployment reached a new all-time high of 27.6% in May, higher than expectations for 26.9% and up from 27.0% in April. The German trade balance rose to 16.9 billion Euros in June, on an unexpected decline in imports.

The Yen continued to see gains against the US Dollar in today’s session, after USD/JPY broke below a month-long downward trend line in yesterday’s session. The pair may see support by a four month low at 93.78, and resistance may be provided by the downward trend line currently around 96.97.

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USDJPY Daily: August 8, 2013

Forex_Traders_Shrug_Off_Repeat_Central_Bank_Comments_body_usdjpy.png, Forex Traders Shrug Off Repeat Central Bank Comments

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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