- Japan’s all industries activity index up by 1.9% as expected
- Nikkei down 0.35% for the day
- SNB decision coming up
The Greenback is still licking its wounds after being tossed around during the FOMC statement and Fed head Yellen’s press conference, as forex traders are trying to adjust their rate hike expectations. EUR/USD is down 76 pips (-0.71%) after briefly testing the 1.0900 resistance while GBP/USD is looking at a 75-pip loss (-0.51%) so far.
The only data point released was Japan’s all industries activity index which marked a 1.9% gain as expected. USD/JPY is up 35 pips upon finding support at the 120.00 mark, EUR/JPY is down 51 pips (-0.37%) and GBP/JPY is down 37 pips (-0.19%).
No other economic reports are lined up in the next few hours, leaving the post-FOMC vibes to drive price action for the time being. It seems that risk appetite hasn’t improved much in the Asian session, as the Nikkei ended 0.35% lower for the day.
The focus could shift to another central bank gearing up to make their own policy statement in today’s London trading session, as forex market participants are waiting to see what the SNB has lined up. No actual monetary policy changes are expected and SNB head Thomas Jordan isn’t likely to jawbone the franc since the Swiss currency has been steadily depreciating. Just the same, be on your toes for any potential surprises!
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