USD/JPY consolidates head of BoJ and FOMC

Posted On 16 Mar 2015
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USD/JPY traded sideways the Asian session, trading between 121.21-49 and within Friday’s 121.14-57 range. Market players are being cautious ahead of Tuesday’s Bank of Japan policy announcement and then the FOMC policy announcement on Wednesday. The BoJ’s Policy Board is expected to maintain policy while the Fed is expected to remove the word “patient” from its statement, paving the way for a possible interest rate hike in June.

EUR/USD edged up slightly in Asia following fresh moves down Friday. The downside remains in tact but for now short-covering is keeping the pair steady. EUR/USD bounced from 1.0457 to 1.0535. E981 mln in 1.0500 option expirations could work to anchor the market down into the global trading day. EUR/GBP bounced from 0.7093 to 0.7144. and EUR/CHF from 1.0544 to 1.0586, an attempt to make tracks away from the 1.0518 low Friday. Concerns over renewed SNB intervention may have played a part.

GBP/USD consolidated after Friday’s fall to 1.4699, trading from 1.4730 to 1.4772.

USD/CHF oscillated between 1.0032-75 in Asia.

AUD/USD opened in Asia at 0.7638. Under pressure early, it bottomed at 0.7614, just shy of Friday’s 0.7610 New York low and bounced to 0.7659 on short-covering. RBA policy meeting minutes are due tomorrow.

USD/CAD held onto gains made after the rally to a 6-year high of 1.2822 on Friday following disappointing Canadian jobs data. USD/CAD consolidated between 1.2782 and 1.2816.

The post USD/JPY consolidates head of BoJ and FOMC appeared first on Forex Circles.

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