USD/JPY is the stand-out performer so far this Asia morning. The (four week old) minutes from the BOJ policy meeting show members still seeing very low inflation wanting to boost inflation expectations (perhaps through FX rate influence) MOF rep. said … Continue reading
As expected there was some heavy stop-loss buying in EUR/USD in the interbank market, which has traded to a high of 1.2671 and has now pulled back to the break-up level at 1.2625. AUD/USD has failed to break up through … Continue reading
Didn’t take long for those month-end flows to materialise with some heavy selling hitting the JPY-crosses right on the Tokyo open; EUR/JPY fell by 25 pips very quickly, from 97.75 to 97.50. The Nikkei is -2%.
I’m being told that there are some Uridashi redemptions today which should lead to selling in AUD/JPY, NZD/JPY etc although the numbers are relatively small (a few hundred million has been mentioned).
If we are going to see any Yen activity, it’s likely to happen in the next few hours as Japanese financial markets are closed on Thursday and Friday for the second part of their Golden week celebrations. Unfortunately this does … Continue reading
The BOJ meeting will end sometime early-to-mid-afternoon Tokyo time. The target interest rate will remain at 0.0% to 0.1% Markets have already priced in around JPY5 trillion in fresh asset buying Some expect that the amount could be as high … Continue reading
Tokyo opens to the same modest risk-off sentiment as yesterday, with the JPY crosses slightly lower in early trade.
All of the major pairings are at similar levels to yesterday morning with conflicting forces at work in the market. The EUR is being negatively affected by news out of Greece and Spain, risk trades are worried ahead of the … Continue reading
Despite the weak opening on regional Bourses, EUR/JPY is managing a modest bounce off earlier 106.15 lows.
USD/JPY is trading toward the lower end of a tight 20 pip range with dealers reporting very little interest either in USD/JPY or any of the JPY crosses thus far.