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With no economic data on the docket, forex traders took on a bit more risk but continued to sell the Canadian dollar. What’s up with that?!

  • Kuroda: BOJ to continue to pursue “powerful” monetary easing

Major Events/Reports:

Keep calm and carry on for BOJ

In a speech before Parliament earlier today, Bank of Japan (BOJ) Governor Kuroda hinted that he and his gang will not likely change their policies anytime soon.

Specifically, he opposed a proposition by an opposition lawmaker to conduct a “thorough assessment” of why the central bank hasn’t met its targets and look for improvements to make on the framework.

Kuroda said that “It’s unfortunate that achievement of our price target has been delayed.” However, he also defended that “thanks to the effect of our powerful monetary easing, Japan’s economy is no longer in a state that can be described as deflation.

He added that “Things are proceeding smoothly, so I don’t have any plan at this stage to conduct another comprehensive review,

Overall risk appetite

With no economic report printed today, Asian session market players focused on taking on a bit more risk. After all, central banks are optimistic over their domestic conditions and recent selloffs have provided bargain opportunities for most high-yielding bets.

  • Nikkei is up by 0.96% to 22,104.0;
  • Australia’s A SX 200 is up by 0.15% to 6,025.5;
  • Hang Seng is up by 0.61% to 31,459.2, and
  • Shanghai index is up by 0.72% to 3,312.766.

Even commodity prices enjoyed a boost:

  • Gold is up by 0.64% to $1,336.92;
  • Brent crude oil is up by 0.22% to $67.46, and
  • U.S. WTI is up by 0.33% to $63.76.

Major Market Mover(s):

A lack of fresh catalysts inspired Asian session forex players to catch up to their U.S. counterparts and price in Canada’s disappointing top-tier data from last week.

USD/CAD is up by 4 pips (+0.03%) to 1.2633;
CAD/JPY is down by 23 pips (-0.27%) to 84.36;
EUR/CAD is up by 26 pips (+0.16%) to 1.5550;
GBP/CAD is up by 42 pips (+0.24%) to 1.7681, and
NZD/CAD is up by 32 pips (+0.35%) to .9241.

Watch Out For:

  • 9:30 am GMT: U.K.’s gross mortgage approvals (a.k.a. High Street lending) (37.2K expected, 36.1K previous)