The delay in the BOJ announcement (the........>

FOREX: The delay in the BOJ announcement (the latest delivery of the decision

since the intro of YCC in Sep 16) upped the anticipation that something major

would be delivered. However, the Bank underwhelmed the market as it signalled no

normalisation anytime soon. Into the announcement USD/JPY dipped to Y110.75

before quickly bounced to Y111.44 on details. Rate managed to extend recovery to

Y111.46, off a Y111.00 pullback low, only to drop back to Y111.07 as Kuroda

began speaking. However, reiteration of no change in policy, additional easing

if necessary, managed to take rate above Y111.50 late morning. 

* Month-end USD sell flows continued to influence pressure on the US unit,

though at a lesser pace than Monday. One major US bank's model has cable as

showing the strongest buy signal. 

- EZ flash CPI and Q2 GDP out soon, market medians GDP 0.4qq/2.2yy: CPI 2.0% for

headline. 

- Month-end flow, US PCE and earnings Chicago PMI provide interest into the

afternoon.