The Japanese Yen edged higher against its rivals during the Asian trading session but analysts say that gains are sure to be limited until there are clear signs from the new Bank of Japan governor as to how aggressive and loose their monetary policy is likely to be. A news conference is scheduled for later today and investors will be curious to hear the new governor’s thoughts given that he and his deputies have not yet met for any official meeting, however some believe he will send a clear signal by calling for a board meeting in advance of the one scheduled to tae place in early April.
As reported at 11:20 a.m. (JST) in Tokyo, the USD/JPY pair was trading lower at 95.93 Yen, a loss of 0.1% and within range of last week’s 4-year peak of 96.71 Yen. Traders say that they don’t expect to see too much strengthening of the Yen beyond the 95-Yen range.
In the Eurozone the common currency has moved farther away from the recently struck 4-month trough against the U.S. Dollar, with the EUR/USD pair edging up by 0.1 to trade at $1.2949. Earlier concerns about the terms of Cyprus’ bailout plans have eased somewhat as Cyrpus’ government is requesting that Russia provide them with a much needed loan to avoid default on existing obligations.
Yen Inches Up Ahead of BOJ Leadership
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.
... Read more After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.