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12 Apr 2013
Session Recap: Majors consolidate gains; BoJ speech fails to move the market
FXstreet.com (Barcelona) - The Forex market is fairly quiet so far, with the majority of pairs drifting slightly higher against the US Dollar. Economic data has been fairly light, Japan releasing the Tertiary Industry Index (1.1% actual vs. 0.8% forecast). Market participants were also focused on Bank of Japan Governor Kuroda’s speech on “Monetary Policy in Tokyo."
As reported in a prior article by the Asian team at FXstreet.com: “BoJ Kuroda said that the objective is to achieve the inflation target with 2 years in mind, adding that the BoJ easing will not necessarily be limited to just 2 years. Further, he said easing is actually planned to last as long as needed to achieve sustainable prices. He pointed out on his speech that capital spending is the key element to monitor and improve to end the vicious deflation cycle,”
As for the major pairs, the USD/JPY is currently 34 pips lower at 99.44 again failing to take out the 100.00 level. EUR/USD is currently up 10 pips at 1.3115, sitting just below the key resistance level of 1.3150 (100 DMA). GBP/USD is consolidating below 1.5400, up 10 pips on the session at 1.5394. Finally, the AUD/USD is eyeing the 1.0600 resistance level up 15 pips at 1.0553.
Main headlines in Asia
- Risk of NZD/USD hitting 0.90 grows - BNZ
- EUR/USD: Decent selling interest at 1.3150
- USD/JPY: Massive barrier protection continues to hold below 100
- Goldman Sachs Upgrades USD/JPY Forecasts
- Hard to justify further Yen weakness from here - HSBC
- USD/JPY holds 99.38/45 demand for now
- Singapore maintains policy stance - ANZ
- BOJ Kuroda: Easing to last until sustainable prices achieved
As reported in a prior article by the Asian team at FXstreet.com: “BoJ Kuroda said that the objective is to achieve the inflation target with 2 years in mind, adding that the BoJ easing will not necessarily be limited to just 2 years. Further, he said easing is actually planned to last as long as needed to achieve sustainable prices. He pointed out on his speech that capital spending is the key element to monitor and improve to end the vicious deflation cycle,”
As for the major pairs, the USD/JPY is currently 34 pips lower at 99.44 again failing to take out the 100.00 level. EUR/USD is currently up 10 pips at 1.3115, sitting just below the key resistance level of 1.3150 (100 DMA). GBP/USD is consolidating below 1.5400, up 10 pips on the session at 1.5394. Finally, the AUD/USD is eyeing the 1.0600 resistance level up 15 pips at 1.0553.
Main headlines in Asia
- Risk of NZD/USD hitting 0.90 grows - BNZ
- EUR/USD: Decent selling interest at 1.3150
- USD/JPY: Massive barrier protection continues to hold below 100
- Goldman Sachs Upgrades USD/JPY Forecasts
- Hard to justify further Yen weakness from here - HSBC
- USD/JPY holds 99.38/45 demand for now
- Singapore maintains policy stance - ANZ
- BOJ Kuroda: Easing to last until sustainable prices achieved