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MUFG expect the Bank of Japan to begin to tighten policy next week.Ex-BOJ executive says once Bank abandons negative rate further moves will come very slowlyUS retail sales data for February due Thursday – the ranges to watchTaiwan Central Bank Governor concerned over electricity price inflation chain reactionEuropean Central Bank speakers on Thursday include Schnabel, Knot, de Cos, de GuindosPBOC sets USD/ CNY central rate at 7.0974 (vs. estimate at 7.1875)The FOMC meets next week – “more hawkish” is a meaningful riskUK RICS measure of house prices rose to its highest since October 2022China’s Foreign Minister Wang Yi will visit Australia next week for talksANZ have raised their end of year gold forecast to $2,300, from $2,200Fitch wary on China – says property collapse is continuing “unabated”The Federal Open Market Committee (FOMC) meet next week – “the risk leans a bit hawkish”BOJ plans to discuss ending negative interest rates at next week’s meetingForexlive Americas FX news wrap 13 Mar: Forex rates muddle along ahead of PPI/retail salesFitch expect both the Fed and ECB to cut rates 3 times, by a total of 75bp, by year-endGS Asset Management re-enters US commercial real estate, citing buying opportunitiesDown day for the broader S&P and Nasdaq indicesYellen says it seems unlikely that interest rates will return to pre-pandemic lowsTrade ideas thread – Thursday, 14 March, insightful charts, technical analysis, ideas
News
and data flow was very light indeed. And movement for major FX was
subdued. Traders seem to be content to await, one, the
further news on Japanese wage negotiations due Friday, two, the
Bank of Japan announcement next Tuesday, the 19th,
when hopes are high of an exit from the Bank’s negative short-term
interest policy, and three,
the Federal Open Market Committee (FOMC) statement and associated
projections that follow on the 20th.
USD/JPY
ticked a little higher, from
lows just under 147.60 to a high just over 147.80. A tiny range. The
move correlated with comments made by former Bank of Japan Executive
Director Hideo Hayakawa at a gathering in Japan today where he said
policy moves after the initial tightening from the Bank would be slow,
citing Bank
of Japan Governor Ueda’s “very cautious character and his focus
on building consensus within the board, he will likely take plenty of
time and proceed carefully in normalising policy”.
The
USD is a little higher elsewhere also, AUD/USD is a notable loser on
the session.
Asia-Pacific
equity markets were mixed and range-bound.
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