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USD/JPY
Following a hawkish article from Fed Watcher Hilsenrath last night stating that the Fed is on track to hike rates in 2015, USD/JPY has been bid throughout the European session, despite briefly falling below 118.00, only to surge higher since back above the 118 handle with a lack of additional fundamental news driving price action. Tonight sees the BoJ rate decision where there are unanimous expectations among analysts for the BoJ to keep its monetary policy unchanged with the annual rise in monetary base kept at JPY 80trl. Ahead of today’s meeting, there has been some speculation that the BoJ could possibly extend the deadline and increase the size of loans schemes due to expire in March, however it is worth noting that the central bank waited till the February meeting last year before expanding its Growth Supporting Funding Facility and Stimulating Bank Lending Facility which was seen as a form of quasi-easing.
GBP/USD
GBP/USD is firmer despite the notably stronger USD and GBP/USD failing to consolidate the break above 1.5200 with the move attributed to short covering after a 12 day low was reached in Asian trade ahead of tomorrow’s UK employment reading with the ILO Employment expected to fall below 6.0% and focus remains on weekly earnings components with analysts expecting some improvement from the previous reading.
Furthermore, the BoE Minutes are expected to remain split 7-2 in favour of keeping rates on hold given the deteriorating UK inflation outlook. The upside in GBP was in part further supported on by the sale of a stake by Infrastructure PLC to CK Investments as well as notable weakness observed in EUR/GBP.
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