Intra-day Market Moving News and Views
22 May 2015 02:29GMT
USD/JPY - ...... Dlr edged lower in Tokyo morning on Friday after meeting renewed selling at 121.09 at Asian open as a string of downbeat U.S. data Thursday added to concerns over the strength of the U.S. economy.
The main event in Asian session today is the announcement of latest BoJ views on monetary policy. BoJ is widely to stand pat on its policy after its 2-day board meeting around 03:30-04:30GMT.
After that, BoJ Governor Haruhiko Kuroda will hold a news conference at 06:30GMT to explain the board's decision.
Until then, choppy sideways trading around 121.00 level is likely to be seen.
In NY session, focus will be on U.S. inflation reports n the speech of Federal Reserve Chair Janet Yellen. The headline CPI is expected to rise 0.1% in April compare to 0.2% gain a month earlier. Yellen is scheduled to speak on the U.S. economic outlook before the Greater Providence Chamber of Commerce Economic Outlook Luncheon.
At present, stops located just below 120.80 are in focus. Having said that, buying interest from various accounts is tipped at 120.70-50 region with mixture of bids and stops at 120.20-10.
On the upside, offers are placed at 121.10/15 and around 121.30 with stops building up just above 121.48 (Wednesday's post-FOMC minutes high).
Friday will see the release of Japan's Tankan DI, China's CB leading economic index, Bank of Japan monetary policy statement and press conference, Germany's GDP, Ifo business climate, U.K. PSNCR, U.S. CPI, Canada's CPI and retail sales. Investors are awaiting a speech on Friday by Fed Chair Janet Yellen to have any indication of the timing of interest rates hike.
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