News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Canadian Dollar has modestly outperformed the rest of the G10 pack, as the commodity currency finds support from the pick up in oil prices. Get your $USDCAD market update from @JMcQueenFX here: https://t.co/FJ9bVhBr6r https://t.co/xRqpOiMH3K
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.46% Oil - US Crude: 0.28% Gold: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/H77sqToPS8
  • Please join @PeterHanksFX at 11:00 EST/15:00 GMT for your weekly stock market outlook webinar. Register here: https://t.co/KBcZpD43t6 https://t.co/V6ZEBUj1jK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.36%, while traders in Wall Street are at opposite extremes with 72.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IbMbabi8NR
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.41% Silver: 0.22% Gold: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wSkvWlJyM4
  • Gold has been stuck in a holding pattern for the last few days with recent risk-off/risk-on events prompting very little reaction in the precious metal. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/KXzqjx8mU0 https://t.co/hQCwubIV5g
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 0.77% US 500: 0.16% FTSE 100: 0.14% Germany 30: 0.11% Wall Street: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/u03rrXpglC
  • It's FOMC day! Measures of vol have been creeping up the past 48-hours - what does this mean for $DXY, $EURUSD, Gold? We're talking all this and more for the Mid-Week Market Update, starting now: https://www.dailyfx.com/webinars/140187219
  • Bitcoin (BTC/USD) baulks at initial resistance at $41.3k - mkt looks overbought. Second time lucky? #bitcoin #btc @DailyFXTeam https://t.co/KxFqY8gBig
  • 🇨🇦 Core Inflation Rate YoY (JUN) Actual: 2.7% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-07-28
Japanese Yen to Consolidate Further Ahead of Next BoJ Meeting

Japanese Yen to Consolidate Further Ahead of Next BoJ Meeting

David Song, Strategist
The_Japanese_Yen_body_Picture_1.png, Japanese Yen to Consolidate Further Ahead of Next BoJ Meeting

Japanese Yen to Consolidate Further Ahead of Next BoJ Meeting

Fundamental Forecast for Japanese Yen: Neutral

The Japanese Yen gained ground against its U.S. counterpart even as the Bank of Japan (BoJ) pledged to increase the frequency of its Japanese Government Bond (JGB) purchases, but the pullback in the USDJPY is likely to be short-lived as the central bank carries its easing cycle into the second-half of the year. However, as the central bank moves to the sidelines, the USDJPY may continue to consolidate ahead of the next policy meeting June 11, and the pair may threaten the bullish trend from earlier this year amid the mixed batch of commentary coming out of the world’s third-largest economy.

As the BoJ wants to avoid excess volatility on the bond market, the central bank said it will purchase the region’s public debt 8 to 10 times a month starting June, while International Monetary Fund Deputy Managing Director David Lipton sees a ‘high chance’ for the central bank to achieve the 2% target for inflation as it takes a more aggressive approach in shoring up the ailing economy. Despite growing support for the BoJ, board member Ryuzo Miyao struck a rather neutral tone for monetary policy and said that the central bank has taken all the necessary steps for the time being, while Economy Minister Akira Amari warned about the adverse effects of the easing cycle as Governor Haruhiko Kuroda takes unprecedented steps to address the risks surrounding the region. At the same time, Japanese Finance Minister Taro Aso argued rising JGB yields may negative implication for Japanese lenders while speaking in front of parliament, and we may see the BoJ face increased scrutiny over the near to medium-term as it retains a qualitative/quantitative approach for monetary policy.

Nevertheless, as Japan’s economic docket remains fairly light for the week ahead, we should see the USDJPY continue to consolidate within the upward trending channel from earlier this year, and the dollar-yen may carve out a higher low ahead of the next interest rate decision as Governor Kuroda maintains a highly dovish tone for monetary policy. In turn, we will continue to buy dips in the USDJPY on a longer-term scale, and we may see a move back towards the 50-Day SMA at 98.88 as the pair searches for interim support. - DS

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

DISCLOSURES