FOREX TradingCharts.com

Forex News: Yen Rallies On Speculation Of Further BoJ Policy

Yen Rallies On Speculation Of Further BoJ Policy Tweak

01/12/2023 - 06:06:00 (RTTNews)

(RTTNews) - A media report that the Bank of Japan will study the consequences of ultra-loose policy at the week's monetary policy meeting has strengthened the Japanese yen in the Asian session on Thursday.

The Yomiuri newspaper reported that the policy board of the BoJ will examine the negative effects of its yield curve control policy and disturbances in the bond market during the policy meeting next week.

The yen gained almost 0.6 percent against the dollar and Japanese government bonds climbed in anticipation of a monetary policy tilt by the BoJ.

The yen was further supported by expectations that the latest CPI readings from the U.S. later today would reveal a decisive drop in inflation in the month of December.

A slowdown in inflation will raise hopes that the Fed will continue to downsize rate hikes to 25 basis points at the next meeting to be held on February 1.

The yen advanced to 3-day highs of 131.36 against the greenback and 159.78 against the pound, off its early lows of 132.48 and 160.96, respectively. The yen is poised to face resistance around 117.00 against the greenback and 155.00 against the pound.

The yen firmed to a 2-day high of 141.44 against the euro and an 8-day high of 140.86 against the franc, reversing from its early lows of 142.53 and 142.27, respectively. The next possible resistance for the yen is seen around 136.00 against the euro and 80.00 against the franc.

The yen appreciated to a 1-week high of 97.83 against the loonie and 6-day highs of 90.67 against the aussie and 83.47 against the kiwi, following its prior lows of 98.68, 91.52 and 84.36, respectively. The currency may possibly challenge resistance around 92.00 against the loonie, 87.00 against the aussie and 80.00 against the kiwi.

Looking ahead, U.S. weekly jobless claims for the week ended January 7 and CPI and monthly budget statement for December are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


U.S. Dollar Advances Ahead Of Nonfarm Payrolls Data (18 hr(s), 36 min(s), 20 sec(s) ago)
(RTTNews) - The U.S. dollar climbed against its major counterparts on Friday, as investors awaited ...Full Story»

Euro Down After ECB Decision (11 hr(s), 12 min(s), 19 sec(s) ago)
(RTTNews) - The euro declined against its major rivals in the European session on Thursday, as inv ...Full Story»

Pound Drops As BoE Signals Peak In Inflation (14 hr(s), 15 min(s), 20 sec(s) ago)
(RTTNews) - The pound fell against its major counterparts in the European session on Thursday, as ...Full Story»

Pound Rebounds After BoE Decision (15 hr(s), 57 min(s), 20 sec(s) ago)
(RTTNews) - As expected, the Bank of England raised its key rate by 50 basis points to 4 percent f ...Full Story»

Pound Falls Sharply Ahead Of BoE Decision (16 hr(s), 06 min(s), 20 sec(s) ago)
(RTTNews) - The Bank of England's monetary policy announcement is due at 7:00 am ET Thursday.T ...Full Story»

Australian Dollar Higher Ahead Of Fed Decision (18 hr(s), 12 min(s), 20 sec(s) ago)
(RTTNews) - The Australian dollar climbed against its major counterparts on Wednesday, on hopes th ...Full Story»

Pound Down As Investors Await Fed Announcement (12 hr(s), 57 min(s), 20 sec(s) ago)
(RTTNews) - The pound depreciated against its major rivals in the European session on Tuesday, as ...Full Story»

Australian Dollar Declines As European Shares Drop Ahead Of Fed Meeting (18 hr(s), 21 min(s), 20 sec(s) ago)
(RTTNews) - The Australian dollar fell against its major counterparts on Tuesday, as investors bec ...Full Story»

Search

FOREX NEWS

U.S. Dollar Advances Ahead Of Nonfarm Payrolls Data

02/03/2023 - 04:25 AM (RTTNews)
(RTTNews) - The U.S. dollar climbed against its major counterparts on Friday, as investors awaited ...Full Story>>

Euro Down After ECB Decision

02/02/2023 - 11:49 AM (RTTNews)
(RTTNews) - The euro declined against its major rivals in the European session on Thursday, as inv ...Full Story>>

Pound Drops As BoE Signals Peak In Inflation

02/02/2023 - 08:46 AM (RTTNews)
(RTTNews) - The pound fell against its major counterparts in the European session on Thursday, as ...Full Story>>

Pound Rebounds After BoE Decision

02/02/2023 - 07:04 AM (RTTNews)
(RTTNews) - As expected, the Bank of England raised its key rate by 50 basis points to 4 percent f ...Full Story>>

Pound Falls Sharply Ahead Of BoE Decision

02/02/2023 - 06:55 AM (RTTNews)
(RTTNews) - The Bank of England's monetary policy announcement is due at 7:00 am ET Thursday.T ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.