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
EUR/USD
Bearish
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
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.06% France 40: -0.05% Germany 30: -0.06% Wall Street: -0.12% FTSE 100: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sQtWwqxVB7
  • today's webinar uploaded and ready to go -> Heavy $USD focus, looking at $EURUSD, $GBPUSD, $USDCAD and $AUDUSD https://t.co/YlQt67Gr4t
  • Heads Up:💶 ECB President Lagarde Speech due at 16:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-23
  • Momentum off of the Fed rate forecast and subsequent reversal has faded and now the markets are weighing growth. DailyFX Chief Strategist @JohnKicklighter discusses Wednesday trade! https://t.co/UetJ3bUPhx
  • Going live for this week's webinar in 5 minutes, talking updated tech levels on the major indices, gold and crude as well as a recap of $AMZN Prime Day and its impact on the stock Join here - https://t.co/BY5KNZL8nf https://t.co/lVUKDPMMkA
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.39% 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.17% 🇪🇺EUR: 0.10% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/r7HMBxWAon
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.14% US 500: 0.08% Wall Street: -0.08% France 40: -0.60% Germany 30: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aJA5hMmy6P
  • Heads Up:🇺🇸 Fed Bostic Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-23
  • $EURUSD moving in for a resistance test https://t.co/IVDgKspjaf https://t.co/rhnzdAwiEI
  • AUD/USD bounces back from FOMC selloff. Powell returns to bearish rhetoric after markets react to hawkish FOMC. Get your $AUDUSD market update from @HathornSabin here:https://t.co/hYD0jSbkNx https://t.co/9FUCS7HjbN
Japanese Yen to Look Past BOJ Decision, Focus on Greece and FOMC

Japanese Yen to Look Past BOJ Decision, Focus on Greece and FOMC

Ilya Spivak, Head Strategist, APAC
Japanese Yen to Look Past BOJ Decision, Focus on Greece and FOMC

Fundamental Forecast for the Japanese Yen: Neutral

  • Yen Unlikely to Find Lasting Catalyst in BOJ Policy Announcement
  • Greece Funding, FOMC Rate Decision Set to Drive Yen Price Action
  • Identify Key Turning Points for the Japanese Yen with DailyFX SSI

The Bank of Japan seems unlikely to expand stimulus at its upcoming policy meeting. Recent comments from Governor Haruhiko Kuroda suggest he sees no urgency in fighting the pullback in headline inflation played out since mid-2014. The drop played out alongside a steep slide in oil prices, suggesting weakness will dissipate once rebasing takes effect in the second half of 2015. Indeed, core inflation has been remarkably stable near the target 2 percent level for the past 12 months and price-growth bets implied in bond yields have been rising since the beginning of the year.

The policy announcement may still prove market-moving if an updated set of economic forecasts proves especially ominous, foreshadowing a larger easing effort on the horizon. Follow-through on such a development may be limited however since leading economic activity surveys have pointed to decelerating growth since January. That means only a dramatically aggressive downgrade would deliver something material enough to force a rebalancing of already priced-in expectations.

Meanwhile on the external front, potent volatility catalysts abound. The outcome of negotiations between Greece and its EU/IMF creditors at a meeting of Eurozone finance ministers and central bankers in Riga over the weekend will set the tone initially. Athens is due to present the fourth revision of a reform package designed to unlock further bailout funding.

Both sides seem vested in a successful accord. EU and IMF officials want to avoid setting a precedent for a sovereign default within the Eurozone that potentially leads Greece out of the currency bloc. Meanwhile, Prime Minister Alexis Tsipras and company surely understand that disorderly redenomination will probably compound their country’s economic woes and may cost them their jobs. On balance, the announcement of an agreement that keeps Greece afloat – even if only in the near term – is likely to boost risk appetite and weigh on the Japanese Yen amid ebbing haven demand for the safety-linked currency.

The next major inflection point comes by way of the Federal Reserve policy meeting. A rate hike seems overwhelmingly unlikely just yet, putting the onus on the statement accompanying the announcement. The central bank seemed to switch to a month-to-month guidance regime at the March sit-down. If this continues, Chair Yellen and her colleagues on the rate-setting FOMC committee are unlikely to say much beyond hinting that tightening probably won’t arrive in May.

Such a result may embolden the recent dovish shift in investors’ perceived Fed rate hike timeline. This may lead the Yen higher, considering the average value of the Japanese unit against its top counterparts has displayed an increasingly significant inverse correlation with front-end US bond yields over recent weeks.

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

DISCLOSURES