Tuesday, 20 January 2015

Forex - Yen holds weaker ahead of BoJ board review, NZ CPI ahead


The yen held weaker ahead of the latest Bank of Japan monetary policy review statement due Wednesday with New Zealand consumer prices also ahead.

USD/JPY traded at 118.84, up 1.08% in early Asia, while NZD/USD changed hands at 0.7673, down 1.39%. AUD/USD was also weaker at 0.8176, down 0.42% and EUR/USD held around 1.1554, down 0.44%.

In New Zealand, fourth quarter CPI data is due at 1045 local time, with expectations for a flat quarter and a year-on-year increase of 0.9%.

In Australia, the January Westpac-MI consumer sentiment is due at 1030 in Sydney (2330 GMT). In December, the index fell 5.7% m/m to 91.1, the lowest level since August 2011.

The main event for the day is due in Tokyo around 1230 (0330 GMT), with the BoJ due to make its policy announcement after its 2-day board meeting.

The BoJ is likely to keep monetary policy unchanged as officials continue monitoring the longer-term stimulative effect of falling energy prices.
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