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
EUR/USD
Mixed
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
Bearish
Gold
Bullish
GBP/USD
Mixed
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
Mixed
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.14% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.01% 🇯🇵JPY: -0.07% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tm1u1cKErl
  • #Market Snapshot $AUDUSD sliding to fresh session-lows on the back of #MorganStanley's suggestion #IronOre prices will fall in Q4 Haven-linked $USD and $JPY pushing back to session-highs after dipping lower in early trade $Gold nudging slightly higher https://t.co/FsT9RIZYvR
  • All eleven S&P 500 sectors ended deeply in the red, with energy (-4.55%), information technology (-3.21%), materials (-2.93%) and real estate (-2.91%) among the worst performers. A whopping 94.7% of the S&P 500 components closed lower. https://t.co/kqP3xPZBJf
  • Rising demand for safety boosted the US Dollar, which climbed for a third day to 94.43 - a two-month high. Strong USD dampened precious metal prices, and put pressure on risk-linked currencies namely AUD, NZD and NOK. https://t.co/ijthZpUdTn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.57%, while traders in EUR/GBP are at opposite extremes with 63.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zn9sbgM386
  • While @IG_US Client Sentiment is offering a mixed outlook for the S&P 500 and #Dow Jones, these could be at risk to a turn lower based on multiple bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/9kYnq6hH1f https://t.co/YIvXZ76eH1
  • #NOK, #AUD and #NZD are expected to be the most-active #G10 majors versus #USD with one-week implied volatility at 16.33, 12.22 and 12 respectively [delayed] -BBG
  • $DJIA futures carving out a Falling Wedge pattern just above the 200-MA after falling over 8% from the September 3 post-crisis high. $DJI #DowJones Is a recovery in the works? Find out how to trade these patterns and more here: https://www.dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/7dfYFgkpub
  • Copper prices may continue to push higher despite a worrying surge in Covid-19 cases and the lack of progress in Congressional stimulus negotiations. Get your #copper market update from @DanielGMoss here:https://t.co/N2OW566nID https://t.co/C33TkPT1vN
  • After some divergence, #EmergingMarkets capital outflows are picking up alongside the selloff in the #SP500 Markets may now be increasingly opening up to the consequences of a slowdown in the US spilling outward given a lack of new fiscal stimulus there - https://t.co/gKEdg1GeeZ https://t.co/I5dAptPjyQ
Japanese Yen Sinks As BoJ Kuroda Recommits To Ultra-Loose Policy

Japanese Yen Sinks As BoJ Kuroda Recommits To Ultra-Loose Policy

2017-11-06 01:55:00
David Cottle, Analyst
Share:

Talking Points:

  • BoJ Governor Kuroda said very little that was in any way new when he spoke in Nagoya
  • He was upbeat on the economy, forthright that loose monetary conditions would endure
  • However Yen bears clearly found something here to spur them on

Just getting started in the Japanese Yen trading world? Check out our beginners’ guide

The Japanese Yen slipped to its weakest levels against the US Dollar since March on Monday as Bank of Japan Governor Haruhiko Kuroda spoke.

The move was perhaps a little puzzling as Kuroda had at face value nothing new to offer financial markets. Speaking in Nagoya, he recommitted the BoJ to “persistent” and “powerful” monetary easing. He also admitted that there is still a long way to go if the 2%-annualized inflation target is to be met. But these are very much verses from the song he usually sings about monetary policy, and it’s hard to think of a song which investors have heard more often.

He was also upbeat about Japanese economic prospects, saying that the country was enjoying growth driven by well-balanced external and domestic demand. Again though, this is pretty much standard fare from the BoJ chief. He said that households in Japan were becoming more accepting of price hikes, something which he hoped would feed in to the higher inflation expectations which the BoJ has been at such pains to generate – so far with very little success.

Still, Yen bears clearly found something to like here. It’s possible that, with Japanese consumer prices at least heading in the right direction and nervous glances being cast at the BoJ’s bloated balance sheet, some investors were expecting a reduction in the monetary rhetoric. In any case, USD/JPY got a boost.

Japanese Yen Sinks As BoJ Kuroda Recommits To Ultra-Loose Policy

Earlier Monday, minutes of the BoJ’s last monetary policy meeting entirely passed the market by, as well they might have given the lack of changes since the last set. The country’s October service sector Purchasing Managers Index also had minimal impact even though it came in strong and, indeed, hit a two-year high of 53.4. In the logic of PMI surveys, any reading above the 50 level signifies expansion for the sector in question.

More broadly, USD/JPY has regained a little upward momentum after the more rangebound trade seen since late October.

Japanese Yen Sinks As BoJ Kuroda Recommits To Ultra-Loose Policy

The narrative of a Federal Reserve keen to raise interest rates as long as the data permit – even if that doesn’t turn out to be very far – contrasts sharply with the Bank of Japan’s position.

--- 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