USD/JPY has been trading sideways since last Friday. In Asia today, the pair traded between 121.29-53 and well within yesterday’s 121.09-49 range. Market participants are unwilling to enter new positions ahead of tomorrow’s FOMC policy announcement. Meanwhile, the Bank of Japan policy announcement had little impact as policy was left unchanged as expected. The Fed though is expected to take out the word “patient” from its statement, paving the way for a possible June rate hike.
GBP/JPY traded between 179.78-180.11. AUD/JPY fell back from 92.79 to 92.42 on a dovish RBA.
EUR/JPY did little, holding between 121.29-53 in thin trading and mimicking USD/JPY to-fro action. A high of 128.81 was seen yesterday.
EUR/USD peaked at 1.0620 yesterday and closed in New York at 1.0585. In the Asian session the pair moved off from 1.0578 to 1.0551. The bias remains down but investors are awaiting more Eurozone data tonight and tomorrow’s key FOMC policy statement. EUR/GBP traded 0.7123-31, off from a high of 0.7164 overnight. EUR/CHF traded 1.0639-61, also below yesterday’s 1.0670 high.
GBP/USD consolidated gains seen yesterday between 1.4813-33 in Asia.
USD/CHF was better bid between 1.0070-86 in Asia in very thin trading.
AUD/USD opened in Asia 0.7640 and was steady ahead of the March RBA minutes. The dovish bias saw a quick push down to 0.7611 before quickly bouncing and steadying around 0.7630.
NZD/USD closed higher in New York at 0.7365. In the Asian session it consolidated this gain between 0.7360-99.
AUD/NZD perhaps saw more action as it slipped from 1.0371 or so to 1.0319 on dovish minutes. The GDT/Fonterra auction tomorrow is a key risk event.
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