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Yen weakened momentarily after BoJ left monetary policy unchanged as widely expected, but swiftly regained stability. This quick recovery underscores the market's assessment that the conditions for a BoJ rate hike in April remain intact. This viewpoint is bolstered by unchanged CPI core-core forecast, which holds steady at 1.9% for the upcoming two fiscal years. However, BoJ refrained from offering any immediate signals for such a policy shift. The decision on whether to raise interest rates will depend heavily on the outcomes of the Spring wages negotiations, especially in terms of the breadth of wage growth. Given these circumstances, Yen still faces potential downside risks in the near term.
New Zealand BusinessNZ Performance of Services Index fell from 51.1 to 48.8 in December, back into contraction territory. This downturn also brings the index below long-term average of 53.4. The increase in negative sentiment is evident, with the proportion of negative comments rising from 54.0% to 58.7%. The primary concerns expressed by businesses revolve around seasonal factors, increasing costs of living, and an overall economic slowdown.
Identifying a singular driving theme proves challenging In today's forex market. Japanese Yen made an attempt to rebound following BoJ Governor Kazuo Ueda's post-meeting press conference, where he hinted at the potential of a future rate hike. However, this rebound was short-lived, and Yen soon reverted to its familiar tight trading range, indicating that the market is uncertain on when the anticipated rate move would happen. Dollar, despite being lower on the performance chart, is showing signs of gaining momentum against European majors as the market enters into the US session.
The GBP/USD slumped more than 0.40% in the mid-North American session amid a strong US Dollar (USD) and high US Treasury bond yields underpinning the Greenback to the detriment of the Pound Sterling (GBP).
Non-oil domestic exports may stabilise in 2024 sbr.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sbr.com.sg Daily Mail and Mail on Sunday newspapers.
Tough year | BusinessNZ businessnz.org.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessnz.org.nz Daily Mail and Mail on Sunday newspapers.
Here is what you need to know on Friday, January 19: The tech rally-led risk-on sentiment on Wall Street failed to extend in Asian trading on Friday, as the Middle East geopolitical tensions heated up alongside persistent Chinese economic worries.