The Yen retreated quickly. Overview for 27.07.2016
27.07.2016
On Wednesday morning, the USD/JPY pair grew significantly after the news relating to financial intentions of the Japanese authorities.
The Japanese Yen weakened significantly against the US Dollar on Wednesday morning. The current quote for the pair is 105.58.
This morning, Shinzō Abe, the Prime Minister of Japan, said that the country’s authorities made a decision about expansion of the QE program in the amount of 28 trillion Yens or a bit more. According to his words, the final decision will be made on August 2nd.
Yesterday, the market was already discussing rumors about the expansion, it was about 6-7 trillion Yens, and investors thought it wasn’t enough. Now, when the numbers are known to the public in general terms, the market anxiety may fade away slowly.
However, the BoJ’s meeting is ahead. Investors are going to listen to the Central Bank’s comments very carefully, as the country is on the verge of a new round of fiscal easing. Although, in the first place traders will take into account the results of the FOMC meeting, which will be over later this evening.
It looks like the next 24 hours will be rather heavy for key currency pairs, including the ones with the Japanese Yen.
RoboForex Analytical Department
The Japanese Yen weakened significantly against the US Dollar on Wednesday morning. The current quote for the pair is 105.58.
This morning, Shinzō Abe, the Prime Minister of Japan, said that the country’s authorities made a decision about expansion of the QE program in the amount of 28 trillion Yens or a bit more. According to his words, the final decision will be made on August 2nd.
Yesterday, the market was already discussing rumors about the expansion, it was about 6-7 trillion Yens, and investors thought it wasn’t enough. Now, when the numbers are known to the public in general terms, the market anxiety may fade away slowly.
However, the BoJ’s meeting is ahead. Investors are going to listen to the Central Bank’s comments very carefully, as the country is on the verge of a new round of fiscal easing. Although, in the first place traders will take into account the results of the FOMC meeting, which will be over later this evening.
It looks like the next 24 hours will be rather heavy for key currency pairs, including the ones with the Japanese Yen.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.