The pair finished the session in minor positive territory after market participants reacted positively to the release of better-than-expected PMIs as well as reports that the ECB is studying forward guidance. However the report by The Times also added citing ECB’s Coeure, that it is too early to say whether it will be used more extensively. Furthermore, Euro-area bonds are possible in 5-10 years' time, but stated there must be far more economic convergence before such a plan is possible. In other EU related commentary, Japonica Partners amends Greek bond offer, increasing total size of offer to EUR 4.0bln from EUR 2.9bln. Japonica Partners said it would purchase the Greek bonds issued last year through a tender offer that expires today. Japonica said it planned to purchase almost 10% of the total debt outstanding, which has a face value of EUR 29.6bln.
GBP/USD
The pair settled the session higher, after the release of an encouraging PMI data, which analysts at Markit said indicated GDP of at least 0.5% in the Q2, saw the pair stage an impressive recovery following initial downside. Much of the attention is set to remain on the looming MPC meeting, which will be the first for the newly elected Carney.
USD/JPY
The Nikkei settled up 1.28%, amid a positive BoJ Tankan survey, which pointed to an improving outlook to Japan’s industries. The benchmark index also benefited from the grind higher by USD/JPY, which continues to be capped by touted RKO (reverse knock-out) barriers at 100.00-50 levels. In terms of other Japan specific commentary , BoJ deputy governor Nakaso said yield increase is to be capped as the BoJ’s bond purchases will offset any upward pressure from the improving outlook for the economy.
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Global FX: Yen Follows Nikkei Higher
Published 07/01/2013, 10:33 AM
Updated 07/09/2023, 06:31 AM
Global FX: Yen Follows Nikkei Higher
EUR/USD
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