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USD at 7 mth lows as YEN takes centre stage


16 January 2023 Written by Stuart Cowell  HF Markets Head Market Analyst Stuart Cowell

The BOJ meeting this week is dominating trades as the new week kicks-off. Japanese 10-yr yields trading at 0.51% above the BOJ ceiling and adding to the speculation that the ceiling could be raised to 1.0% on Wednesday. US stocks closed higher again on Friday and gained 2.3% last week. US markets are closed today and Asian markets are broadly higher expectations of China opening quickly even as COVID deaths hit record levels. The USD trades at 7-mth lows, GOLD at April 2022 highs, and BTC over $21k and 2-mth highs.    

Week Ahead – BOJ Wednesday, US – Retail Sales, PPI, Empire & Philly Fed & Housing data. EZ – ZEW. UK – CPI, Jobs & Retails sales. CAD – CPI & Retail sales. AUD – Jobs. EARNINGS SEASON In full swing (Morgan Stanley, Goldman Sachs & Netflix headline).

Today – Eurogroup Meetings, BOC Business Outlook, Speech from BOE’s Bailey – DAVOS meetings start, US markets closed for MLK day. Biggest FX Mover @ (07:30 GMT) NZDJPY (+0.27%). Bounced from a test of 81.00 on Friday and adds to gains today at 81.80 but is down from 88.00 highs in December. MAs flat, MACD histogram & signal line negative but rising. RSI 46.60 & neutral, H1 ATR 0.205, Daily ATR 1.185.

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