Here’s everything you should know about Forex for Tuesday, January 23:
In Forex Market The US Dollar (USD) is struggling to find demand early Tuesday, with the USD Index falling below 103.00 during European trading hours. The European Commission will release the preliminary Consumer Confidence Index for January later today. The US economic calendar will include the Richmond Fed Manufacturing Index for January, as well as a 2-year US Treasury note auction later in the American day.
Following the January policy meeting, the Bank of Japan (BoJ) maintained monetary settings as expected. The interest rate and 10-year Japanese government bond yield targets remain unchanged at -10bps and 0%, respectively. The Bank of Japan also held The yield curve control (YCC) strategy remains unchanged, allowing 10-year government bond yields to rise to roughly 1.0%.
Bank of Japan keeps monetary settings and future guidance unchanged.
In the post-meeting press conference, Bank of Japan Governor Kazuo Ueda reaffirmed that additional easing measures will be implemented if necessary. Ueda stated that the economy was advancing in line with the BoJ’s projections and that they would consider keeping negative interest rates if the price target was reached. USD/JPY came under bearish pressure and was last seen trading slightly above 147.00, down more than 0.5% on the day.
On Tuesday, the NZDUSD gained positive momentum and rose beyond 0.6100. During the early trading hours of the Asian session. On Tuesday, Statistics New Zealand will announce the fourth-quarter Consumer Price Index.
The EURUSD fell somewhat on Monday but recovered early Tuesday. At the time of publication. The pair was trading in positive territory above 1.0900.
Following Monday’s indecisive behavior, GBPUSD went north and gained to 1.2750. In the European morning on Tuesday. The figures from the UK shows that Public Sector Net Borrowing was £6.8 billion in December. Compared to £12.7 billion in November.
On Monday, gold traded in a tight band just over $2,020 before closing slightly lower. XAUUSD regained positive momentum and surpassed $2,030.
