Kuroda sends the yen higher Yesterday’s US equities continued their correction ahead of FOMC minutes and in anticipation of uncertainty around the third quarter earnings season. Asian bourses were rather mixed due to central banks decisions in Japan and Australia. Overnight, the Dollar lost ground against the Yen after Kuroda’s speech regarding the current weakness of the Nippon currency and its negative impact on the households and small companies. However he reiterated his inflation objective and his will to continue QE until firm anchorage of this 2% target. As a result USD/JPY slipped to lows of 108.40 so far for the day. The Reserve bank of Australia kept its interest rate unchanged at 2.5% favouring prudent monetary governance by opting for a period of stable interest rates despite the current strength of its domestic currency. The AUD/USD first slipped slightly before recovering to hover back in positive territory so far for today. Today on the economic calendar the only key figures to be released will be the industrial and manufacturing production figures for the UK at 10.30 CET. Good day,
Posted on: Wed, 08 Oct 2014 07:06:41 +0000
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