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Yen Drop May Continue as Markets Start the Week in a Good Mood

Yen Drop May Continue as Markets Start the Week in a Good Mood

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen drops as risk appetite firms, BOJ’s Kuroda helps
  • Stock index futures suggest mode of the same is ahead
  • Aussie Dollar up after Chinese inflation undershoots

The Japanese Yen underperformed in otherwise quiet overnight trade. Stock prices rose across Asian bourses, pointing to a swell in risk appetite that undermined support for the standby funding currency. Indeed, the unit moved inversely of a rise in Japan’s baseline Nikkei 225 index.

Comments from BOJ Governor Haruhiko Kuroda seemed to amplify Yen selling pressure. He struck a firmly dovish tone, pouring cold water on recent speculation that the central bank might back away from negative interest rates next year.

From here, a relatively timid offering of scheduled event risk in Europe and the US may see sentiment trends remain at the forefront. Futures tracking the FTSE 100 and S&P 500 equity benchmarks are pointing unmistakably higher in late overnight trade, hinting the risk-on mood is aiming to carry forward.

The Australian Dollar edged up after Chinese CPI figures undershot expectations. The year-on-year inflation rate held at 1.5 percent, whereas economists predicted a rise to 1.6 percent. That cooled bets on further tightening, a relative win for Australian exporters counting on Chinese demand.

What will shape major FX market trends in the next 3 months? See our forecasts here!

Asia Session

Yen Drop May Continue as Markets Start the Week in a Good Mood

European Session

Yen Drop May Continue as Markets Start the Week in a Good Mood

** All times listed in GMT. See the full DailyFX economic calendar here.

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

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