Macro Trades: USD/JPY AUD/USD EUR/USD USD/CAD

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY: Japanese Monetary Policy Statement

The US Dollar depreciated against the Japanese Yen, following the Japanese Monetary Policy Statement data release on Tuesday at 02:55 GMT. The USD/JPY exchange currency rate lost 11 pips or 0.11% right after the release. The Greenback continued trading at the 108.70 level against the Japanese Yen.

The Bank of Japan released the Japanese Monetary Policy Statement data, where the Japanese policymakers provide in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rate. Note, that the BOJ Outlook Report was published at the same time.

According to the official release: "Japan's economy is likely to continue on an expanding trend throughout the projection period -- that is, through fiscal 2021 -- despite being affected by the slowdown in overseas economies for the time being."

AUD/USD: Australian CPI

The Australian Dollar appreciated against the US Dollar, following the Australian CPI data release on Wednesday at 01:30 GMT. The AUD/USD exchange currency rate gained 14 pips or 0.21% right after the release. The Aussie continued trading at the 0.6885 level against the Greenback.

The Australian Bureau of Statistics released the Australian CPI data, which came out in line with the expectations of 0.6%.

ABS Chief Economist, Bruce Hockman said: "Automotive fuel prices rose 10.2 per cent in the June quarter 2019. This rise had a significant impact on the CPI, contributing half of the 0.6 per cent rise this quarter. Automotive fuel prices returned to levels recorded in late 2018 after falling 8.7 per cent in the March quarter 2019."

EUR/USD: US ADP Non-Farm Employment Change

The European Common Currency traded sideways against the US Dollar, following the US ADP Non-Farm Employment Change data release on Wednesday at 12:15 GMT. The EUR/USD exchange currency rate lost 2 pips or 0.02% right after the release. The Euro continued trading at the 1.1149 level against the US Dollar.

Automatic Data Processing, Inc. released the US ADP Non-Farm Employment Change data, which came out in line with the expectations of 156K.

"While we still see strength in the labor market, it has shown signs of weakening," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "A moderation in growth is expected as the labor market tightens further."

USD/CAD: Canadian GDP

The US Dollar depreciated against the Canadian Dollar, following the Canadian GDP data release on Wednesday at 12:30 GMT. The USD/CAD exchange currency rate lost 20 pips or 0.15% right after the release. The Greenback continued trading at the 1.3135 level against the Canadian Dollar.

Statistics Canada released the Canadian GDP data, which came out better-than-expected of 0.2% compared with the forecast of 0.1%.

According to the official release: "Real gross domestic product was up for a third consecutive month in May, rising 0.2%. The increase was led by a rebound in manufacturing with 13 out of 20 industrial sectors expanding. On a three-month rolling average basis, real gross domestic product increased 0.7%. Real gross domestic product was up for a third consecutive month in May, rising 0.2%. The increase was led by a rebound in manufacturing with 13 out of 20 industrial sectors expanding. On a three-month rolling average basis, real gross domestic product increased 0.7%."

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