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Asia AM Digest: Yen Drops on BOJ Meeting Minutes, Kuroda Ahead

Asia AM Digest: Yen Drops on BOJ Meeting Minutes, Kuroda Ahead

Research, Research Team

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The US Dollar put in a mixed performance Friday, with prices seemingly finding no singular catalyst in October’s labor-market data. The Canadian Dollar proved strongest on the day as its on employment statistics revealed the strongest jobs growth in four months. The British Pound corrected broadly higher as markets digested steep losses following the BOE monetary policy announcement.Meanwhile, the Australian Dollar fell following a disappointing retail sales report.

DailyFX Economic Calendar: Asia Pacific (all times in GMT)

Asia AM Digest: Yen Drops on BOJ Meeting Minutes, Kuroda Ahead

The Japanese Yen is on the defensive after minutes from September’s BOJ policy meeting struck a dovish tone. That is somewhat surprising considering central bank officials didn’t stray far from familiar tropes. Still, it suggests that similarly themed remarks from Governor Haruhiko Kuroda later in the day might compound selling pressure even if he repeats well-worn sentiments (as seems likely).

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Asia AM Digest: Yen Drops on BOJ Meeting Minutes, Kuroda Ahead

IG Client Sentiment Index Chart of the Day: AUD/USD

Asia AM Digest: Yen Drops on BOJ Meeting Minutes, Kuroda Ahead

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 51.6% of traders are net-long AUD/USD, with the ratio of traders long to short at 1.07 to 1. In fact, traders have remained net-long since Oct 24 when AUD/USD traded near 0.77751; price has moved 1.4% lower since then. The number of traders net-long is 2.9% higher than yesterday and 1.7% lower from last week, while the number of traders net-short is 7.1% higher than yesterday and 4.9% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current AUD/USD price trend may soon reverse higher despite the fact traders remain net-long.

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