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Week in FX: Asia October 16-21

The dollar plunged to record lows against the yen on Friday. Earlier this week, the BoJ and Japanese Government released a draft plan to tackle the currency’s strength. The measures included an expansion of the credit facility to help with “corporate M&A and resource acquisition overseas”. The draft stated that it does not rule out any steps on FX. Japan is unlikely to intervene before next Thursday. The last unilateral intervention exercise upset both the European and US leaders. Japanese officials have gone to great lengths to explain that the recent upswing in their own currency is due to the European fiscal and financial problems. There is too much event risk towards next Wednesday and any intervention could have a limited impact. The BoJ meets Thursday

Below are some other highlights of the week:


ASIA

 

EUROPEAN Week in FX

AMERICAS Week in FX [1]

 

WEEK AHEAD

  • Capital Market gets Monetary Policy statements and rate decisions from JPY, NZD and CAD
  • Consumer and Business confidence comes from CHF, USD and NZD
  • Inflation headlines and reports are released in NZD, AUD and GBP
  • CNY will gives us a flash manufacturing print
  • GBP has its Current account and Quarterly GDP numbers to divulge
  • USD not unaffected, it’s got core-durables, new and pending home sales, finishing with its Advance GDP print

 

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Dean Popplewell

Dean Popplewell [6]

Vice-President of Market Analysis at MarketPulse [7]
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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