The yen traded near its highest in six weeks against the euro before the Bank of Japan sets policy today amid speculation the central bank will delay expanding stimulus.
The yen held its best start to a year against the dollar since 2010 as analysts push back forecasts for additional easing from BOJ Governor Haruhiko Kuroda. The pound traded near a one-year high against the euro before data forecast to show U.K. unemployment fell to the lowest in 4 1/2 years. Australia’s dollar gained against all its major peers after a report showed annual consumer price gains quickened more than economists forecast, tempering bets on further interest-rate cuts.
“The risk is that the BOJ’s economic outlook and Kuroda’s statement today will damp market expectations for additional easing,” said Yujiro Goto, a London-based senior currency strategist at Nomura International Plc in London. “I doubt that the BOJ meeting will be supportive for risk appetite” and a weaker yen, he said.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015