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Monetary policy continues to be very accommodating

USD index rebound slightly with USDJPY as it holds above 110 pivot level (low 110.18) despite of EUR and GBP hitting the year high earlier (1.2323 and 1.3839 respectively) before it turns back. ECB’s Constancio says monetary policy may continue to be “very accommodating” as well as lack of follow through after the 1.23 break which driven more profit on taking and selling. GBP follows EUR move and turning back gradually but commodities currencies remain supportive with catch up move. Today BOC meeting and market expects a hike rate from 0.25% to 1.25% and some “sell on rumor, buy on fact” might happening again. USDJPY still worries on Japan’s verbal intervention after yesterday and concerns on the recent FX move. BOJ’s bond buying operations still the same and has no big impact. Slightly lower Nikkei also have shallow effect with current healthy risk sentiment environment. With US MBA Mortgage Application, Industrial Production, Capacity Utilization, NAHB Housing Market Index, Fed’s Beige Book and stock/bond market move will direct the intraday action.

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