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BoJ Again Step In to Defend Yield Target

FOREX
  • USD/JPY remains a pair in focus, with a new cycle high of Y129.40 printed overnight, before the price action stalled and the pair reverted back below Y128.50. The move came ahead of more activity from the Bank of Japan, who again stepped in to defend their 0.25% yield target by buying JGBs to stem upside pressure on rates.
  • The USD is on the backfoot headed into the NY crossover, helping put the likes of EUR/USD at the session's best levels following a few hours of European trade. Modest strength in European equities accompanies the move in the greenback, with the EuroStoxx50 hitting the best levels since Apr11.
  • Lastly, antipodean currencies trade well, with AUD and NZD outperforming amid broader weakness in the Chinese currency, as the authorities set the USD/CNY midpoint at a much weaker-than-expected level - potentially a signal that a more activist approach to currency could be adopted if growth targets continue to slip away.
  • Canadian inflation data takes focus going forward, with markets expecting CPI to have risen 6.1% on a Y/Y basis, to be shortly followed by US existing home sales for March. A number of central bank speakers are due, with ECB's Rehn, Nagel on the docket as well as Fed's Daly, Evans and Bostic.
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