Asia FX Handover
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- No change of policy from BOJ, as widely expected. Rates remain at -0.1%, will continue to target 10yr around 0%, 7-2 in favour of maintaining YCC. GDP forecast lowered for 2019/2020 and 2020/2021.
- PBOC’s Vice Governor sees monetary policy as appropriate.
- South Korea’s GDP contracted for the first time since the financial crisis, weighing on equities across the APAC region.
- Quiet ranges for FX following USD’s dominance yesterday. USD/JPY back within range after failing to hold into a fresh 2019 high (an ominous sign ahead of the 10-day holiday?). EUR/USD treads water near 22-month lows, AUD/USD stopped 3-pips above 70c, USD/CAD back below 1.35 after BOC’s dovish meeting yesterday. US10Y stalled just above 2.5% after printing a prominent swing high last week.
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