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PLN/JPY, HUF/JPY Record Fresh Cycle Highs Following BoJ Decision

CROSS ASSET
  • The BoJ board on Friday decided unanimously to keep yield curve control policy and pledged to continue patiently with monetary easing amid high economic and financial market uncertainty. The BOJ also kept the forward guidance for the policy rates and pledged to take additional easing measures if necessary.
  • PLN, HUF and CZK have all recorded fresh cycle highs against the JPY following the decision, with PLN/JPY notably at its highest since 2014, while HUF/JPY has reached its highest level since early 2018. Broader EM trades softer on Friday, with ZAR, PLN, HUF and CZK all in the red against both the EUR and USD.
  • The ECB may have to continue lifting borrowing costs after the summer to contain inflation, according to Bundesbank President Joachim Nagel. “As I see it, we still have more ground to cover,” Nagel said Friday in a speech. “We may need to keep raising rates after the summer break.”
  • Looking ahead, the European morning's focus will be the final, detailed Eurozone readings of CPI, along with several ECB speakers. In the US, we have Fed speakers including Bullard, Waller and Barkin. Later on, UoM Sentiment crosses.
EM BulletFixed Income BulletsHomepageCommoditiesEquitiesBulletMarketsEmerging Market NewsForeign Exchange BulletsBank of Japan (BOJ) Market NewsEuropean Central Bank (ECB) Market News
EM BulletFixed Income BulletsHomepageCommoditiesEquitiesBulletMarketsEmerging Market NewsForeign Exchange BulletsBank of Japan (BOJ) Market NewsEuropean Central Bank (ECB) Market News

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