- No monetary policy adjustments from BOJ
- BOJ: Falling oil prices could help support Japanese economy
- BOJ: Effect of April sales tax hike already fading
- German GfK consumer climate data due
Is the Japanese yen back in selloff mode? It looks like the BOJ monetary policy statement brought life back to the yen forex pairs today, even though no actual changes were announced. According to BOJ Governor Kuroda, the recent slide in oil prices could wind up supporting consumer spending and manufacturing profits in Japan, which would be good for their economy. Apart from that, he also mentioned that the impact of the April sales tax hike already appears to be fading.
USD/JPY is up 0.41% so far and is trading safely above the 119.00 mark while EUR/JPY is enjoying a nice 0.45% gain around the 146.50 level. GBP/JPY is up 0.33%, AUD/JPY has a 0.47% gain, and CAD/JPY is trading 0.29% higher.
Earlier in the day, New Zealand reported a 3.1% increase in visitor arrivals for the month of November, slightly lower compared to the previous 3.5% gain but still positive for the economy. However, ANZ business confidence was weaker, as the index slipped from 31.5 to 30.4.
No other economic reports were released in the past few hours, but it looks like risk appetite is still improving in the forex market. AUD/USD is up 0.11% while NZD/USD is holding on to a 0.42% gain as of this writing.
The forex calendar shows that euro pairs could make some moves in the next few hours, as the German GfK consumer climate index is due. The reading could improve from 8.7 to 8.9, which would reflect stronger confidence. Also up for release are the U.K. public sector net borrowing report and the CBI realized sales figure, both of which might result to more movement among pound pairs.
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