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.

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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/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
USD/JPY
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
  • Sellers continue to attempt to bring the DAX 30 lower, but strong support halts the culmination of the H&S pattern. Get your #DAX market update from @HathornSabin here:https://t.co/7zzpnocB7C https://t.co/F2AizbhI8Y
  • NY Federal Reserve GDP Nowcast is raised to 8.68% from 8.3% last week. #Fed $USD
  • $AUDCAD has continued to weak today, now trading around the 0.9800 level. The pair is down almost 200 pips from the multi-year highs hit just shy of the 1.0000 level yesterday. $AUD $CAD https://t.co/hffaXojF5j
  • $Gold trying to build a base off of that 1725 level - one minute chart so super small sample size. but that bearish run was aggressive $GC $GLD https://t.co/USjAU0lcig https://t.co/uubVG4Jpe2
  • Now up 40 handles from the $SPX's stalled break down. Looks like we are in for yet another interesting, intraday volatility day
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.33% 🇪🇺EUR: -0.41% 🇨🇦CAD: -0.45% 🇳🇿NZD: -1.11% 🇦🇺AUD: -1.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/e6FkqKIOLF
  • - There’s No Fundamental Justification For A Tightening Of Nominal Bond Yields At The Long End - Governing Council Should Instruct Board At March 11 Meeting To Fight Unwarranted Tightening Of Financing Conditions
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: -0.17% Germany 30: -0.70% Wall Street: -0.85% France 40: -1.46% FTSE 100: -2.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgg0WIgTxK
  • ECB's Stournaras says ECB should accelerate PEPP purchases
  • Another brutal day for gold as it breaks beneath prior February lows Read more - https://www.dailyfx.com/forex/market_alert/2021/02/25/Gold-Price-Plummets-as-Treasury-Yields-Soar-Where-to-Next-for-Gold.html?ref-author=phanks&QPID=917701&CHID=9 $GLD $XAU https://t.co/5qpaELXVLz
Japanese Yen Weakens as BOJ Kuroda Stays Very Dovish

Japanese Yen Weakens as BOJ Kuroda Stays Very Dovish

David Cottle, Analyst

Talking Points

  • There was nothing new in the Bank of Japan governor’s latest words
  • However, there was yet another commitment to all aspects of loose monetary policy
  • The Yen slipped, taking USD/JPY back above 114.00

See where the Yen stands in the trading community’s affections at the DailyFX Sentiment Page

Another “steady as she goes” speech Monday from the Governor of the Bank of Japan sent the US Dollar back above the 114 level against the Japanese Yen.

Haruhiko Kuroda was speaking to BoJ branch managers in Tokyo and gave no hint whatsoever that any “exit” from Japan’s current, extraordinarily loose monetary settings is contemplated. Mr. Kuroda said that the domestic economy was “turning towards moderate expansion,” which was expected to continue. However, he also said that the BoJ will maintain its current mix of ultra-low interest rates, expansion of the monetary base and control of the yield curve for as long as needed to achieve 2% (annualized, consumer price) inflation “in a stable manner.”

There was no change of tone here whatsoever from the Governor.

With inflation running at just 0.4%, it is clear that the central bank still has much to do if the 2% target is to be hit and – at least as importantly – maintained.

The Bank of Japan’s balance sheet has been swollen by asset purchases to the point where it rivals the country’s entire Gross Domestic Product. As this portentous milestone approached some investors had hoped for a little detail on how the central bank might unwind its stimulus when the time comes. However, there seems little chance of any unwinding at this point.

Japanese Yen Weakens as BOJ Kuroda Stays Very Dovish

Another dovish speech from Kuroda, allied to expectations that the US Federal Reserve will trim its own $34.5 trillion balance sheet this year, were probably behind the US Dollar’s gain as the BoJ Governor spoke.

USD/JPY pushed back above the 114 handle as his remarks crossed the wires, having been steady earlier despite a mixed bag of Japanese data. This included a shock swoon for admittely volatile machine’orders in May.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

DISCLOSURES