Asian Session – Yen advances versus dollar, BOJ’s Kuroda in focus
March 21, 2013 8:13 am
The yen edged higher against the dollar and euro in Thursday’s Asian session. The new Bank of Japan Governor Haruhiko Kuroda begins his new term in office today. Kuroda has pledged for more aggressive policy easing. More monetary stimulus will tend to weaken a currency, so in the longer term yen is bearish.
USDJPY opened in Asia at 96.00 and eased down to 95.65 while EURJPY fell to 123.75 from 124.25.
Focus will be on Kuroda’s first press conference today where he may announce a policy shift.
Euro held onto gains against the dollar during the Asian session, after climbing yesterday on upbeat sentiment after the Federal Reserve policy meeting. There were no surprises whatsoever, and the Fed left the interest rates, policy thresholds, and the monthly amounts of treasury- and mortgage bond purchases unchanged.
EURUSD traded a tight range between $1.2927 and $1.2954.
GBPUSD opened at $1.5102 and rose to a session high of $1.5127, still trading within this week’s range. On Wednesday sterling surged after much better than expected UK employment data and after the Bank of England policy meeting minutes.
Also Chancellor of the Exchequer George Osborne’s budget statement helped support the pound.
Looking ahead to the European Session, focus will be on UK retail sales data. Also we have EU manufacturing and services PMI data to be released.
The yen edged higher against the dollar and euro in Thursday’s Asian session. The new Bank of Japan Governor Haruhiko Kuroda begins his new term in office today. Kuroda has pledged for more aggressive policy easing. More monetary stimulus will tend to weaken a currency, so in the longer term yen is bearish.
USDJPY opened in Asia at 96.00 and eased down to 95.65 while EURJPY fell to 123.75 from 124.25.
Focus will be on Kuroda’s first press conference today where he may announce a policy shift.
Euro held onto gains against the dollar during the Asian session, after climbing yesterday on upbeat sentiment after the Federal Reserve policy meeting. There were no surprises whatsoever, and the Fed left the interest rates, policy thresholds, and the monthly amounts of treasury- and mortgage bond purchases unchanged.
EURUSD traded a tight range between $1.2927 and $1.2954.
GBPUSD opened at $1.5102 and rose to a session high of $1.5127, still trading within this week’s range. On Wednesday sterling surged after much better than expected UK employment data and after the Bank of England policy meeting minutes.
Also Chancellor of the Exchequer George Osborne’s budget statement helped support the pound.
Looking ahead to the European Session, focus will be on UK retail sales data. Also we have EU manufacturing and services PMI data to be released.
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