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17 Jan 2013

Forex Flash: Anticipation and anxiety looms on BoJ – Westpac

FXstreet.com (Barcelona) - The countdown continues to one of the most anticipated Bank of Japan meetings in memory, with the decision due next Tuesday. However, the seemingly unstoppable USD/JPY rally faltered this week on headlines from an unexpected source. On Tuesday, Japan’s economy minister Akira Amari said “he didn’t want to see the yen weaken excessively, given its impact on import prices.”

The USD/JPY reacted sharply, sliding from around 89.60 to as low as 88.62 as Amari was reported to have said that the yen had “corrected” in line with fundamentals, implying that the USD/JPY had risen far enough. Soon newswires amended this to “correcting”. Of course Amari was not speaking English, so his precise message may have been lost in translation.

Indeed on Thusday, Amari claimed he had been misinterpreted (the USD/JPY duly bounced). According to the Westpac Strategy Team, “Amari is probably adjusting to the new reality that his comments will move markets, which hasn’t been the case since he was last economy minister, in 2006- 2008. Yet LDP secretary general Ishiba on Wednesday also expressed some misgivings about the extent of JPY decline.”
Jan 17, 2013

ECB Monthly Report: Economic weakness in the euro area is expected to extend into 2013

The January ECB Monthly Report recaps the information presented by Mario Draghi at the press conference following the central bank's latest monetary policy meeting, during which the governing council decided to maintain the main interest rate at 0.75%.
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Jan 17, 2013

Forex Flash: EUR/USD with scope for rally towards 1.3485/1.3560 - Commerzbank

Commerzbank analysts admit that the recent break through the 1.33085 high suggests unfinished business on the topside, but the EUR/USD is still under corrective action after being capped by 1.3400 resistance. There is scope for a rally towards tough long term resistance at 1.3485/1.3560 this is the location of the 2012 high (double Fibonacci retracement, the 200 week moving average and the 55 MONTH moving average), according to analyst Karen Jones, while looking for this to hold the topside and provoke failure. “Nearby support is 1.3250/00 – below here would leave the market simply ranging and heading back to the base of the channel at 1.3074. Key support is 1.30009/00 – the 6 month uptrend”, Jones wrote.
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