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Daily Report: Yen Lower as BoJ Cut Rates and Expands Asset Purchases, Aussie Tumbles as RBA on HoldJapanese yen is broadly lower after BoJ theoretically cut rates from 0.1% to a range of 0-0.1% and created a JPY 5T "Comprehensive Monetary Easing" program to pull the economy out of deflation. BoJ is clearly worried by slowing pace of recovery due to "slowdown in overseas economies and the effects of the yen's appreciation on business sentiment". The JPY 5T temporary fund will be used to purchase various financial assets such as government securities, commercial paper and corporate bonds in an attempt to stimulate the economy by lowering longer-term interest rates. Another JPY 30T will be used through its loan program. BoJ also pledged to keep rates low until inflation is between 0% and 2% with a midpoint of the inflation target being 1%. The vote was unanimous. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 83.06; (P) 83.47; (R1) 83.75; More. USD/JPY's break of 83.92 minor resistance suggests that pull back from 85.92 is possibly finished at 83.15 already. Intraday bias is now cautiously on the upside for rebounding towards upper side of recent range of 82.86/85.92. However, break of 85.92 resistance is needed to confirm that rebound from 82.86 has resumed. Otherwise, we'll stay neutral first. On the downside, in case of another fall, we'd maintain that considering risk of further intervention, strong support should be seen at around 83 level to contain downside. |
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RBA Leaves Rate At 4.5%, Aussie SlumpsSelloff in Aussie suggests that investors are obviously disappointed by the RBA's decision to keep the cast rate unchanged at 4.5%. Given the hawkish comments from policymakers over the past weeks, the decision caught the market by surprise. Recent soft data probably made the central bank more cautious in implementing tightening. We retain the view that one more hike will take place in the fourth quarter whereas the timing will be data-dependent. |
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Trade Idea: USD/CHF – Sell at 0.9780As the greenback has remained under pressure, suggesting recent downtrend is still in progress and weakness to 0.9660/65 (50% projection of 1.0075-0.9708 measuring from 0.9844) is likely, however, near term oversold condition would limit downside and reckon previous chart support at 0.9630 would hold on first testing, bring rebound. Trade Idea: EUR/USD – Took profit on short and buy at 1.3660Despite overnight anticipated retreat (our short position entered at 1.3720 yesterday met indicated target at 1.3650), as the single currency found renewed buying interest at 1.3637 and has rebounded, suggesting the pullback from 1.3809 has possibly ended and consolidation with upside bias is seen, however, break of said resistance is needed to signal upmove has resumed and extend recent upmove towards 1.3840/50. | Suggested Readings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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