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  • richard evans

Yen weaker after Ueda's first BoJ meeting

Good morning

Markets reasonably quiet with EURUSD and GBPUSD trading a tight range, GBP performing slightly better out of the two with GBPEUR up at 1.1340. Main news overnight is in Yen weakness, with UDSJPY up at 135.75, EURJPY 149.40 and GBPJPY 169.30. This comes after Ueda’s BoJ rate meeting where Ueda made it clear BoJ may add more easing if necessary and will continue until that 2% target is reached.

Ueda did remove a dovish sentence from the statement about rates but the market has pretty much ignored this, focussing on the idea that any major change in BoJ policy seems to remain far off. Ueda has said the examination of policy will take 12-18 months so nothing if any change did come from that its still far down the road.

For AUD watchers, we do have the RBA rate announcement in the early hours of Tuesday morning, Many looking for unchanged rates but as you know we have looked at a couple of short-dated upside AUD options just in case UBS are right and we get a surprise lift in rates.

Well done to Spurs for coming from two goals down against Man Utd to claim a draw. It was an improved performance but is just a little too late to keep Spurs dreams of a top four finish alive. Even top six is looking a bit shaky for them right now! Sundays match against Liverpool could be pretty decisive.

A bank holiday on Monday is likely to mean I’ll take the day off from writing unless anything dramatic happens over the weekend. We might need the rest ahead of a potentially busy week with Fed and ECB rate meetings as well as US nonfarm payrolls and several PMIs to keep us on our toes.

Have a super long weekend, see you in May! For any readers not on holiday Monday do feel free to call for a chat. You should all have Mark’s number!

- 09.00 German GDP, unemployment

- 09.00 SNBs Jordan speaks

- 10.00 EU GDP

- 13.00 German HICP

- 13.30 US personal income, spending, core PCE

- 13.30 CAD GDP

- 14.45 US Chicago PMI

- 15.00 US Michigan sentiment survey

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