BoJ Decision Sends Yen Plummeting as Taper Plan Delayed
Action Insight Daily Report 6-14-24 |
BoJ Decision Sends Yen Plummeting as Taper Plan Delayed |
The Japanese Yen has taken a significant hit today, losing ground against all major currencies after BoJ refrained from detailing an immediate plan to taper its bond purchases. In the lead-up to the announcement, expectations were high among traders and investors that BoJ would begin tapering soon, fueled by multiple media reports. However, the central bank only indicated an intention to taper, deferring detailed discussions until its July meeting. BoJ's cautious stance underscores its strategy to wait for the new economic outlook and projections due in July before making any firm decisions. And that's understandable. However, this delay has left the market in a state of uncertainty and unease, prompting speculation on whether there will eventually be a definitive cut in purchase amounts... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 155.84; (P) 156.61; (R1) 157.49; More... No change in USD/JPY's outlook as range trading continues. Intraday bias remains neutral. On the downside, break of 154.53 will turn bias to the downside for 151.86 support and possibly below, as the third leg of the corrective pattern from 160.20. On the upside, break of 157.70 will resume the whole rise from 151.86 and target 160.20 high. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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22:30 | NZD | Business NZ PMI May | 47.2 | 48.9 | 48.8 | 03:23 | JPY | BoJ Interest Rate Decision | 0.10% | 0.10% | 0.10% | 04:30 | JPY | Tertiary Industry Index M/M Apr | 1.90% | 0.40% | -2.40% | -2.30% | 04:30 | JPY | Industrial Production M/M Apr F | -0.90% | -0.10% | -0.10% | 09:00 | EUR | Eurozone Trade Balance (EUR) Apr | 17.0B | 17.3B | 12:30 | CAD | Manufacturing Sales M/M Apr | 1.30% | -2.10% | 12:30 | CAD | Wholesale Sales M/M Apr | 2.50% | -1.10% | 12:30 | USD | Import Price Index M/M May | 0.10% | 0.90% | 14:00 | USD | Michigan Consumer Sentiment Index Jun P | 73 | 69.1 |
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