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JPY Backtracks as BoJ Commit to Policy Stance

FOREX
  • Following the BoJ rate decision overnight, JPY is the weakest currency in G10 as the BoJ doubled down on their easy policy stance, effectively allowing markets to resume the selling pressure on the JPY.
  • Risk sentiment remains shaky despite the bounce off the lows for global equity futures - as a result AUD continues to slide, putting AUD/USD either side of the $0.7000 handle.
  • The greenback trades more favourably, with the USD Index partly reversing the dollar downtick seen Thursday - but the week's best levels are still a way away for markets at these levels.
  • Focus turns to the US industrial production release for May as well as an appearance from Fed chair Powell after this week's tumultuous rate decision. He gives welcoming remarks at a dollar conference so may not directly reference policy. Following yesterday's rate decision, BoE's Pill also speaks at a workshop on household finance.
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