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Forex News: Yen Muted After BoJ Decision

Yen Muted After BoJ Decision

06/20/2019 - 01:33:00 (RTTNews)

(RTTNews) - The yen showed muted trading against its major opponents in the Asian session on Thursday, after the Bank of Japan maintained its monetary policy and kept its forward guidance unchanged, but warned of rising risks from overseas economies that would affect the economic growth.

The Policy Board of the BoJ voted 7-2 to maintain interest rate at -0.1 percent on current accounts that financial institutions maintain at the bank.

The bank said it will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.

Further, the bank will purchase JGBs in a flexible manner so that their outstanding amount will increase at an annual pace of about JPY 80 trillion.

The bank intends to maintain the current extremely low interest rates for an extended period, at least through around spring 2020.

The bank said it will continue expanding the monetary base until annual inflation exceeds 2 percent and stays above the target in a stable manner.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the pound and the franc, it was steady against the euro. Against the greenback, it rose.

The Japanese yen advanced to a 5-1/2-month high of 107.55 against the greenback, from an early low of 108.14, and held steady thereafter. The pair was valued at 108.10 at yesterday's close. The yen is seen finding resistance around the 106.00 level.

The yen held steady against the euro, after having risen to a 2-day high of 121.11 at 9:00 pm ET. If the yen continues its uptrend, 118.00 is possibly seen as its next resistance level.

The Japanese edged higher to 108.57 against the franc, from a 6-day low of 108.94 hit at 8:00 pm ET. Next key resistance for the yen is seen around the 106.00 mark.

The yen that closed Wednesday's trading at 136.65 against the pound gained to 136.38 in Asian trading. The yen is poised to target resistance around the 133.00 level.

The yen climbed to a 2-day high of 74.13 against the aussie, reversing from a low of 74.47 set at 6:45 pm ET. Continuation of the yen's uptrend may take it to a resistance around the 72.00 level.

Following a weekly low of 81.50 seen at 7:45 pm ET, the yen reversed direction and rose to 81.20 against the loonie. The yen is likely to test resistance around the 80.00 level, if it rallies further.

After dropping to 70.91 against the kiwi at 6:45 pm ET, the yen bounced off to 70.66. On the upside, 80.00 is possibly seen as the next resistance level for the yen.

Data from Statistics New Zealand showed that New Zealand's gross domestic product grew a seasonally adjusted 0.6 percent on quarter in the first three months of 2019 - matching forecasts and unchanged from the previous quarter.

On an annualized yearly basis, GDP was up 2.5 percent - exceeding forecasts for an increase of 2.3 percent, which would have been unchanged.

Looking ahead, Swiss foreign trade data is scheduled for release at 2.00 am ET.

U.K. retail sales for May will be out in the European session.

The Bank of England's monetary policy decision is due at 7:00 am ET. The bank is expected to leave rates unchanged at 0.75 percent and asset purchase target at GBP 435 billion.

The U.S. weekly jobless claims for the week ended June 15 and leading index for May will be released in the New York session.

At 10:00 am ET, Eurozone flash consumer sentiment index for June is set for release.

For comments and feedback: contact editorial@rttnews.com

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