Not much activity in Asia overnight, with EUR/USD at 1.3915 and cable at 1.5850 pretty much where North America closed out Thursday. USD/JPY is very marginally easier, by about 15 points, presently at 94.15.
BOJ as expected raised it’s view of the economy for the first time in almost 3 years on signs that a record contraction in the Q-1 represented the worst of the recession.
The policy board voted unanimously to keep the benchmark overnight lending rate at 0.1%.
Concern over US credit worthiness has deepened discernibly and it’s underminning the greenback. US Treasury Secretary Geithner has been busy trying to reassure, pledging his commitment to cutting the burgeoning budget deficit.
