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Forex - Yen a tad weaker after BoJ holds steady, Aussie down on minutes

Published 03/16/2015, 11:58 PM
Updated 03/17/2015, 12:00 AM
Yen a tad weaker
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Investing.com - The yen held slightly weaker on Tuesday after the Bank of Japan kept policy steady as expected.

The Bank of Japan board decided Tuesday by an 8 to 1 vote to leave the bank's policy target unchanged while revising down its near-term inflation outlook on weak oil prices.

Elsewhere, the Aussie remained weaker after the central bank released minutes of its latest policy decision that showed scope for a further cash rate cut.

A cash rate cut to a record low 2.25% in February needs to work its way through the economy, but a further cut may be appropriate, the Reserve Bank of Australia said in minutes from its March meeting.

USD/JPY traded at 121.37, down 0.02%, while AUD/USD changed hands at 0.7627, down 0.19%. EUR/USD eased to 1.0562, down 0.06%.

Overnight, the dollar remained lower against a basket of other major currencies on Monday, as investors continued to lock in profits from the greenback's recent rally to 11-1/2 year highs and after disappointing U.S. data dampened optimism over the strength of the economy.

Official data earlier showed that U.S. industrial production rose just 0.1% in February, falling short of expectations for a 0.2% gain.

Manufacturing output dipped 0.1% as automobile production fell, indicating that economic growth could slow in the first quarter.

Another report showed that manufacturing activity growth in New York State slowed in March for a second straight month as new orders fell.

Market participants were now eyeing Wednesday’s Federal Reserve statement to see if it would drop its reference to being patient before raising rates and signal that it is ready to hike rates depending on economic data.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.03% to 100.17.


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