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Japanese Yen – Daily Market Updates

Three in a Row for Japanese CPI Growth and Trump Pantomime Continues

Japan’s National Core CPI – an inflation reading that strips out volatile food prices – has risen on an annualized basis for the third consecutive month. For the year ending March-17, core CPI grew 0.2%, matching February’s figure and improving on January’s 0.1%. Although the rate of growth appears slight, it is a welcome development for central bankers in Japan, who have been battling deflation in the country for the best part of twenty-years. View article >

Markets Cautious Ahead of Trump Tax Plan

Categories: CAD, EUR, GBP, JPY, News, USD
The FX majors took a breather overnight as they awaited President Trump to unveil his tax proposals. The plan is rumoured to include a cut in corporate tax rates to 15% and a 10% tax on foreign profits. A cut in the foreign profit tax rate could spike US dollar demand as US corporations take advantage of the favourable rates to repatriate profits. View article >

Aussie Falls on CPI Miss and Hong Kong Dollar Slide Continues, Now at Fourteen-Month Lows

Within the past hour, the Australian dollar has fallen sharply following weaker than expected CPI data. Figures from the Australian Bureau of Statistics show that consumer prices grew 0.5% in the first-quarter of 2017 and at an annualized rate of 2.1%. AUD/USD fell from 0.7539 to 0.7508 on the news and, as of writing, trades at 0.7512. AUD/JPY fell from 83.90 to 83.50 and trades at 83.58 as of writing. View article >

Trump Whacks Loonie with Softwood Lumber Stick

Categories: CAD, CHF, EUR, GBP, JPY, News, NZD, USD
President Trump took a soft-wood lumber stick and whacked the Loonie upside the head. The US is imposing a 20% counter-vailing duty on Canadian softwood lumber imports.  And the Canadian Dairy industry is in the cross-hairs. For President Trump, the Canadian Softwood lumber and Dairy industries are easy wins for the man promoting” Fair Trade, not Free Trade.  He can claim to be the border defending, job creating champion of the people and it has little impact on Americans. View article >

Yen to Weaken Against US Dollar in Coming Months, Says Citi Bank, and US Protectionism Begins with Trump’s Canadian Lumber Tax

In their latest weekly foreign exchange report, US giant Citi Bank have predicted a rise to 118.0 in USD/JPY in the coming 6-12 months, representing a 7% fall in the dollar buying power of the yen. The yen will depreciate against the dollar as US Treasury yields rebound following future announcements on US fiscal stimulus plans, according to Citi’s analysts. Improving US yields – more specifically, a widening of the gap between US and Japanese yields – will drive investors into US currency and away from the yen. View article >

Euro Jumps to Multi-Month Highs Vs. USD, NZD and AUD: Markets See Macron as Near Certainty for French Presidency as He Faces Le Pen in Election Second Round

There’s only one story in town this morning – the battle for Europe’s future, otherwise known as the French general election. As had been predicted for many months, the pro-Europe, centrist candidate Emmanuel Macron and the far-right, Eurosceptic candidate Marine Le Pen have made it through to the head-to-head second round of voting, to take place on May 7th. With 96% of the votes counted, Macron’s 23.9% and Le Pen’s 21.4% portion of the vote is enough to see off François Fillon and Jean Luc Mélenchon, both of whom have approximately 19% of votes at the time of writing. View article >

Get Your New Zealand Dollars This Year Rather Than Next, Suggests Bank’s Latest FX Forecasts

Yesterday, ABN AMRO released their latest FX forecasts for 2017 and 2018. There were few notable revisions, nor was there much in the way of standout predictions, with the exception of one – NZD/USD to rise to 0.80 in 2018. The ‘kiwi’ hasn’t traded at or above 0.80 against the US dollar since October 2014. A move to that level from its current price of 0.6993 (as of 02:00 GMT, April-21) would mark a 14.4% rise – a large amount if you’re planning on buying property or investing in New Zealand, or planning holidays there. View article >

Geopolitical Jitters Unsettle FX

Categories: AUD, CAD, EUR, GBP, JPY, Markets, News, USD
For a large part of the globe, today is the first day of the week following an extended Easter break. Unfortunately, they returned to the same concerns and issues that unsettled them prior to the break. Geopolitical issues due to North Korea, Syria, Russia, and global trade led to choppy trading inside well-worn ranges for the FX majors. In early New York trading, Sterling plunged from 1.2604 to 1.2516 on a report that UK Prime Minister May would hold a press conference within the hour.  View article >

Dollar Plays Catch Up, European Elections to Begin and Pleasant Surprises on China Data

The US dollar has started the week lower against most currencies as traders play catch up following market holidays on Friday. In Friday’s market update at BestExchangeRates.com, we described how March’s US core inflation fell month-on-month for the first time in seven years, but with many investors away for the Good Friday holiday, we also described how expected weakness in the US dollar did not occur (the US Dollar Index actually finished higher on the day). View article >

Dollar Dumps on Trump

Categories: AUD, CAD, EUR, GBP, JPY, Markets, News, NZD, USD
A Wall Street Journal story late Wednesday afternoon knocked the US dollar for a loop and the greenback remained under pressure in overnight markets “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me,” Trump told the WSJ, “But that’s hurting — that will hurt ultimately.” The US dollar dropped across the board and consolidated those losses in Asia and Europe. View article >
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