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JPY Slips as Kuroda Keeps Tiller Steady in Final Meeting

FOREX
  • Asset prices are closely following the spillover from the fallout of Silicon Valley Bank late yesterday, with markets watching carefully for any similar issues at other exposed banking names. European equities were sold from the off, with the EuroStoxx50 Bank Index erasing six weeks of gains having gapped lower at the open.
  • The uncertainty surrounding global financials has led to outperformance in the CHF, while high yielding currencies are hit the hardest. Data releases remain a background driver, with softer CPI hitting the NOK, while firmer-than-expected monthly UK GDP data puts the currency at the top of the G10 pile.
  • Elsewhere, JPY is comfortably the poorest performing currency across G10, sliding after the unchanged BoJ rate decision and defying the minority view that Kuroda could tweak yield curve control at his final meeting.
  • Focus moving forward rests on the February nonfarm payrolls release, at which markets look for job gains of 225k over the month and an unchanged unemployment rate at 3.4%. The Canadian equivalent is also due, where consensus looks for an uptick in the unemployment rate to 5.1%.
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