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Dollar and Yen Sold as Bank of Japan Expands Stimulus Efforts

Dollar and Yen Sold as Bank of Japan Expands Stimulus Efforts

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar, Yen Fall as Bank of Japan Boosts Stimulus Efforts
  • BOE Minuets Unlikely to Produce Market-Moving Revelations
  • S&P 500 Futures Hint Risk-On Mood Set to Carry Forward

The US Dollar came under broad-based selling pressure as risk appetite firmed overnight, weighing on the go-to safe haven currency. The MSCI Asia Pacific regional benchmark index added 0.6 percent after the Bank of Japan opted to boost stimulus efforts. The Japanese Yen underperformed, down as much as 0.7 percent. BOJ Governor Maasaki Shirakawa and company expanded the size of the central bank’s asset purchase fund to ¥55 trillion and extended the program’s operational lifespan to the end of 2013 while downgrading their outlook for Japan’s economic growth.

Looking ahead, minutes from September’s Bank of England rate decision headline the calendar in European hours. The release is unlikely to have significant market-moving as policymakers remain in a holding pattern as they complete the latest increase in QE (due to run its course in November) as well as assess the impact of the new Funding for Loans Scheme (FLS). S&P 500 stock index futures are pointing higher, hinting the risk-on mood is likely to carry forward and keep the greenback on the defensive.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Current Account Deficit-GDP Ratio (2Q)

-4.9%

-5.2%

-4.5%

22:45

NZD

Current Account Balance (2Q)

-1.797B

-1.620B

-1.072B

0:30

AUD

Westpac Leading Index (MoM) (JUL)

0.4%

-

0.5%

1:53

CNY

Actual FDI (YoY) (AUG)

-1.4%

-5.8%

-8.7%

3:44

JPY

Bank of Japan Rate Decision (SEP 19)

0.10%

0.10%

0.10%

5:00

JPY

Leading Index (JUL F)

93.0

-

91.8

5:00

JPY

Coincident Index (JUL F)

93.8

-

92.8

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

8:30

GBP

Bank of England Minutes

-

-

High

9:00

CHF

ZEW Survey (Expectations) (SEP)

-

-33.3

Medium

9:00

EUR

Euro-Zone Construction Output s.a. (MoM) (JUL)

-

-0.5%

Low

9:00

EUR

Euro-Zone Construction Output w.d.a. (YoY) (JUL)

-

-2.8%

Low

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.3011

1.3159

GBPUSD

1.6221

1.6336

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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