Intra-day Market Moving News and Views
29 Dec 2015 02:48GMT
USD/JPY - ...... Dlr trades narrowly but with a soft bias in subdued Tokyo session after yesterday's retreat from European morning high of 120.63 to 120.20 in New York morning due to dlr's broad-based weakness and cross-buying in yen as decline in European & U.S. stocks triggered buying of yen for risk aversion.
Looks like sideways move would continue b4 prospect of a re-test of last Fri's 7-week low at 120.05 would be seen, so selling the pair on recovery is favoured.
Reuters earlier reported mildly 'hawkish' comments by BoJ member. Bank of Japan board member Yukitoshi Funo said the central bank will look at the long-term economic trend in guiding monetary policy and won't expand stimulus automatically in response to short-term dips in prices, according to the Nikkei newspaper.
Funo, a former executive of Toyota Motor Corp who joined the nine-member board in July, also said Japan is on track to meet the central bank's 2 percent inflation target as companies are steadily raising prices of their goods, and that BOJ should look at various information, not just a specific economic or price indicator, in judging whether additional monetary easing was necessary.
Data to be released on Tuesday:
Australia producer price index, Italy business confidence, consumer confidence, U.S. good trade balance, Redbook, CaseShiller and consumer confidence.
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