After keeping the market anxious for more than a week of intervention speculations around 155.00, market players initially probed past the said price before clearly pushing through. Following Friday’s BoJ Monetary Policy Meeting, Governor Kazuo Ueda made clear that easy financial conditions were here to stay in Japan with March’s rate hike a symbolic one-off….
The past week saw Euro following through on a double bottom breakout though not quite hitting the pattern’s target. This has largely been on the back of weakness in US economic data that revived hopes for an easing sooner rather than later along with some flashes of strength from the Eurozone services sector. Ahead we…
Overview In today’s press conference following the Bank of Japan’s (BoJ) policy meeting, Governor Kazuo Ueda provided significant insights into the central bank’s current thinking and future monetary policy direction. The governor’s comments suggest a nuanced approach to Japan’s economic challenges, emphasizing a delicate balance between continued monetary support and responsiveness to evolving economic conditions….
Overview of Bank of Japan’s Decision On the latest monetary policy review, the Bank of Japan (BOJ) opted to maintain its benchmark policy rate at a range of 0%-0.1%, aligning with market expectations. This decision comes amidst a backdrop of fluctuating economic indicators and persistent deflationary pressures. In conjunction with holding interest rates steady, the…
The U.S. economy’s growth in the first quarter of 2024 was more subdued than expected, marking a slowdown from the robust growth seen in previous quarters. The advance GDP estimate of 1.6% annualized growth released by the Bureau of Economic Analysis (BEA) fell short of economists’ consensus of 2.5%. This deceleration becomes more pronounced when…
Currency traders are reading what they want from US data as immediate reaction to the Advanced GDP figures see a strong push by the greenback. Note we have the headline figure coming in at 1.6% quarter-on-quarter well short of the consensus forecast of 2.5% quarter-on-quarter though previous results did see an upside adjustment to 3.4%…
Eurozone Flash PMI figures were not exactly all great as the Manufacturing sector signals a deepening of its contraction coming in at 45.6 from 46.1 while Services surprised on the upside to read 52.9. Considering that both sides were a disappointment in the US Flash Manufacturing PMI 49.9 against a 52 consensus forecast and Flash…
Oil Prices benefited from weak US Flash Manufacturing PMI figures at 49.9, technically contraction territory, reviving hopes of a US rate cut. The next FOMC meeting is on May 2 with the primary concern remaining to be persistent inflation pressures. Note as well the numbers actually imply that demand for oil could further weaken before…
The Japanese Yen hardly moved against the greenback with its brief drop following across the board dollar dumping quickly reversed as traders for the pair remain tightly wound. Key issue for USDJPY remains to be a question of policy with the BoJ Monetary Policy Statement and Outlook Report set for release on Friday. Note we…
US Flash Manufacturing PMI saw a dip below 50 at 49.9, technically signalling a contraction, against consensus forecast of 52.0 while Flash Services PMI also fell short to read 50.9 against the consensus forecast of 52.0. As a response we are seeing across the board dollar weakness with Cable making the most of the situation…
