Asian session – Yen makes slight gain after BOJ maintains loose policy
October 31, 2013 7:48 am
The Bank of Japan announced after its policy meeting today that it left monetary policy unchanged. There was a unanimous vote to continue with increasing the monetary base by 60-70 trillion yen per year in an effort to stimulate the Japanese economy.
While the decision was in line with market expectations, the yen strengthened slightly after the announcement, gaining 0.2% against the US dollar, to end the Asian session at 98.30.
Meanwhile the US dollar gained overnight during the late US session following the FOMC announcement. The Federal Reserve concluded its 2-day policy meeting yesterday by announcing it will continue with quantitative easing and maintain its pace of bond buying at $85 billion a month. This decision was expected by the markets.
The dollar gained 0.2% against the euro, with EURUSD falling to lows of 1.3688. Sterling fell 0.1% versus the greenback, reaching lows of 1.6005.
The Australian dollar was the biggest mover in Asia this morning, rallying against its US counterpart after data showed that Australian building approvals increased much more than expected in September to 14.4% compared to 2.9% expected. In the previous month, there was a decline of 1.6%.
AUDUSD climbed to a high of 0.9507, moving off a low of 0.9456. The pair ended the session with a 0.08% change higher.
The Bank of Japan announced after its policy meeting today that it left monetary policy unchanged. There was a unanimous vote to continue with increasing the monetary base by 60-70 trillion yen per year in an effort to stimulate the Japanese economy.
While the decision was in line with market expectations, the yen strengthened slightly after the announcement, gaining 0.2% against the US dollar, to end the Asian session at 98.30.
Meanwhile the US dollar gained overnight during the late US session following the FOMC announcement. The Federal Reserve concluded its 2-day policy meeting yesterday by announcing it will continue with quantitative easing and maintain its pace of bond buying at $85 billion a month. This decision was expected by the markets.
The dollar gained 0.2% against the euro, with EURUSD falling to lows of 1.3688. Sterling fell 0.1% versus the greenback, reaching lows of 1.6005.
The Australian dollar was the biggest mover in Asia this morning, rallying against its US counterpart after data showed that Australian building approvals increased much more than expected in September to 14.4% compared to 2.9% expected. In the previous month, there was a decline of 1.6%.
AUDUSD climbed to a high of 0.9507, moving off a low of 0.9456. The pair ended the session with a 0.08% change higher.
Related Posts: