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In Forex market after the year’s final meeting, the Bank of Japan (BoJ) confirmed early Tuesday. That policy settings will remain unchanged. Eurostat will issue updates to the Eurozone’s Harmonized Index of Consumer Prices (HICP) later in the session. Building Permits and Housing Starts figures for November will be released in the second half of the day on the US economic calendar. Finally, Statistics Canada will release inflation data.
The Bank of Japan maintained the interest rate and 10-year. Japanese Government Bond yield goal at -0.1% bps and 0%, respectively. The policy statement includes the Bank of Japan stated that the economy will likely continue to recover at a slow pace. And that underlying Consumer Price Index (CPI) inflation will gradually rise toward the price stability objective.
In the press conference following the meeting, BoJ Governor Kazuo Ueda emphasized. That the Bank of Japan will not hesitate to implement additional easing measures if necessary. “We are still not in a situation to foresee sustainable, stable inflation with sufficient confidence,” he said. Following the BoJ event, the Japanese Yen came under bearish pressure. At the time of publication, the USDJPY was up more than 0.5% on the day above 143.50, while the EURJPY was up 0.6% at 157.00.
Forex movement in pairs
On Monday, the US Dollar (USD) Index failed to stage a convincing rebound. As Wall Street’s Following the opening bell, the major indices extended upward. At the time of publication, the USD Index was trading near 102.50, flat for the day, and US stock index futures were mixed. Meanwhile, following Monday’s brief rebound attempt, the benchmark 10-year US Treasury note yield remains below 4%.
In the Asian session on Tuesday, the Reserve Bank of Australia (RBA) released the Minutes of the December policy meeting. According to the journal, authorities observed hopeful signals of progress on inflation. “Whether further tightening is required would be decided by data and the assessment of risks,” the Reserve Bank of Australia (RBA) said. The AUDUSD traded practically flat on the day, just above 0.6700.
According to New Zealand data, the ANZ Business The Confidence Index increased from 30.8 in November to 33.2 in December. NZD/USD held in positive territory over 0.6200 early Tuesday after ending higher on Monday.
The EURUSD made minor advances on Monday but failed to build directional momentum. On Tuesday morning in Europe, the pair was trading in a tight band above 1.0900. Eurostat expects annual HICP inflation to remain at 2.4% in November.
Following Friday’s dramatic drop, GBPUSD continued to fall on Monday, closing the day in the red. At approximately 1.2650 on Tuesday morning, the pair appears to have entered a consolidation period. On Wednesday, the UK’s Office for National Statistics (ONS) will issue Consumer Price Index (CPI) figures for November.
Gold has been unable to make a meaningful breakthrough in To begin the week, it moved in either direction and fluctuated in a narrow band above $2,020 on Monday. XAUUSD is trading inside Monday’s trading range early Tuesday.
