Forex Today: Yen ignores BOJ operation, Good Friday quiet trading to extend


Good Friday/ Easter holiday sleep mode trading seeped into the Asian markets, as Australian, New Zealand and Hong Kong markets were closed. Rest of the Asian equity markets traded mixed amid a lack of fresh catalysts and thin liquidity. 

Across the fx space, the Japanese Yen failed to react to a minor uptick in the Japanese CPI figures and also ignored the Bank of Japan’s (BOJ) routine bond market operation. Therefore, the USD/JPY pair stuck to its tight range just under the 112 handle.

Both the Antipodeans remained on the front foot amid stalled USD buying across the board but held on to the familiar ranges. The Aussie consolidated the minor bounce near 0.7150 while the Kiwi remained capped below the 0.67 handle. The EUR/USD pair regained the bids near 1.1240 region while the Cable circled around the 1.3000 level despite strong UK retail sales report.

Main Topics in Asia

US Pres. Trump: Russia did not affect 2016 US presidential election - Twitter

US ITC: USMCA trade deal would raise US GDP by 0.35%

Gold Technical Analysis: Eyes corrective bounce on bullish 4H RSI divergence

USD/JPY seesaws around 112.00 as Japan National CPI matched expectations

Labour MPs to urge Jeremy Corbyn not to 'torpedo' Brexit deal - The Guardian

Saudi Arabia’s oil exports fall below 7 million Bpd in February

BOJ trims long duration JGB purchases by JPY 20 billion

PBOC sets yuan reference rate at 6.7043

Japan’s Suga: Japan will invite US President Trump to visit Japan May 25-28

Japan’s Aso: No change of plan to raise sales tax

Key Focus Ahead

The Good Friday European calendar remains data-empty as all the major European markets are closed today, except for the Italian markets. Therefore, the EUR, GBP traders could look forward to the Italian business and consumer confidence figures due at 0800 GMT for some trading incentives.

Meanwhile, the NA docket remains a thin-showing, with the US housing starts and building permits only of note, dropping in at 1230 GMT. The US data is unlikely to have any impact on the dollar trades, as the US and Canadian markets are out on a four-day Easter holiday break, leaving quiet trading across the fx board until Tuesday.

EUR/USD Technical Analysis: Bid in holiday-thinned trade, bullish channel breakdown confirmed

The repeated failure to close above 1.13 followed by the bullish channel breakdown indicates the path of least resistance is now to the downside and the recent lows near 1.1170 could soon come into play. 

GBP/USD: On the defensive despite strong UK retail sales

The path of least resistance for the GBP/USD appears to be on the downside. The British Pound slipped below 1.30 and closed under the April 5 low of 1.2987 yesterday, validating the bearish lower high of 1.3133 created last Friday.

USD/TRY: One to watch

The long weekend is fast approaching, and traders are slowly winding down. So, I won’t waste your time with a lengthy report. But I just came across this chart of the USD/TRY, which you may want to keep in your watch list. 

GMT
Event
Vol.
Actual
Consensus
Previous
Thursday, Apr 18
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
Friday, Apr 19
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
08:00
 
100.7
100.8
08:00
 
111.2
111.2
08:30
 
 
€-1.183B
11:30
 
 
$413.78B
12:30
 
1.230M
1.162M
12:30
 
1.230M
1.291M Revised from 1.296M
12:30
 
0.3%
-2.0% Revised from -1.6%
12:30
 
6.5%
-8.7%
13:00
 
 
-6
19:30
 
 
516.7K
19:30
 
 
$105.4K
19:30
 
 
$-3.1K
19:30
 
 
£-6.5K
19:30
 
 
¥-71.5K
19:30
 
 
€-102.2K
19:30
 
 
$-54.4K
Sunday, Apr 21
24h
 
 
24h
 
 
24h
 
 
Monday, Apr 22
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
24h
 
 
00:00
 
 
24h
 
 
24h
 
 
07:00
 
 
59.4
10:00
 
 
€-0.741B
12:30
 
 
-0.29
14:00
 
5.30M
5.51M
14:00
 
-2.3%
11.8%
15:00
 
 
$-1,025.8M
15:30
 
 
2.38%
15:30
 
 
2.39%
Tuesday, Apr 23
24h
 
 
03:00
 
5.5%
6.4%
04:30
 
 
0.9%
04:30
 
 
-4
05:00
 
0.3
0.5
06:00
 
0.3
-5.0
08:00
 
3.9%
6.5%
08:30
 
1.6%
2.1%
12:00
 
9.7%
9.8%
12:30
 
0.4%
0.6%
12:55
 
 
5%
12:55
 
 
0.7%
13:00
 
0.3%
0.6%
13:00
 
 
3.3%
13:00
 
 
3.4%
14:00
 
 
4.9%
14:00
 
0.650M
0.667M
14:00
 
 
10
14:00
 
-7.1
-7.2
15:30
 
 
20:30
 
 
-3.096M
23:50
 
1.1%
1.1%
Wednesday, Apr 24
00:30
 
0.4%
0.4%
00:30
 
1.7%
1.8%
01:30
 
0.2%
0.5%
01:30
 
1.5%
1.8%
04:30
 
-0.1%
-0.2%
05:00
 
97.4
97.4
05:00
 
98.8
98.8
06:00
 
 
3.8
06:00
 
 
3%
06:00
 
 
6.5%
06:00
 
 
1.9%
06:00
 
 
2.7%
06:45
 
102
102
08:00
 
108.7
103.8
08:00
 
99.9
99.6
08:00
 
94.7
95.6
08:00
 
 
€2.16B
08:00
 
5.9%
6.1%
08:00
 
 
08:00
 
 
-26.9
08:30
 
£0.050B
£-0.664B
11:00
 
 
-3.5%
11:30
 
 
11:30
 
 
102.1
11:30
 
 
10.6%
13:00
 
 
-0.7
14:00
 
0.27%
0.26%
14:00
 
0.22%
0.18%
14:00
 
 
14:00
 
1.75%
1.75%
14:00
 
 
14:15
 
 
14:30
 
 
-1.396M
17:00
 
 
2.172%
17:00
 
 
2.261%
19:00
 
 
$460M
23:00
 
1.9%
3.1%
23:00
 
1.2%
1.0%
23:50
 
 
¥591.1B
23:50
 
 
¥528.5B
Thursday, Apr 25
24h
 
 
24h
 
 
24h
 
 
24h
 
 
02:00
 
 
02:00
 
-0.1%
-0.1%
02:00
 
 
06:00
 
 
10.4
06:00
 
 
1.2%
n/a
 
 
07:00
 
14.50%
14.45%
07:00
 
 
8.2%
07:00
 
93
94
07:30
 
6%
6%
09:00
 
 
-2.9%
09:00
 
 
3.1%
09:30
 
 
0.3%
09:30
 
4.6%
4.7%
10:00
 
2
1
11:00
 
24%
24%
12:00
 
0.51%
0.54%
12:30
 
 
1.653M
12:30
 
 
192K
12:30
 
0.1%
-0.1%
12:30
 
0.4%
-1.6%
12:30
 
0.1%
-1.9%
12:30
 
0.2%
-0.1% Revised from 0.1%
13:00
 
 
0.9%
13:00
 
 
1.9%
13:00
 
 
$491.6B
13:30
 
$0.396B
$-1.134B
14:30
 
 
92B
15:00
 
 
17
15:30
 
 
2.4%
17:00
 
 
2.281%
21:00
 
99.0
99.8
22:45
 
 
$4.8B
22:45
 
$-6.58B
$-6.62B
22:45
 
 
$4.82B
22:45
 
 
$12M
23:30
 
2.5%
2.3%
23:30
 
1.63
1.63
23:50
 
0.8%
0.9%
23:50
 
1.1%
1.1%
23:50
 
0.7%
0.7%
23:50
 
-0.4%
0.7%
23:50
 
-0.6%
-1.1%
23:50
 
1.2%
0.6% Revised from 0.4%
23:50
 
-0.2%
0.2%
Friday, Apr 26
24h
 
 
01:30
 
-1.1%
0.5%
01:30
 
-0.8%
4.4%
01:30
 
0.6%
0.5%
01:30
 
2%
2%
02:30
 
2.2%
2.2%

 

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