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The Week Ahead – Let it sink in



USDJPY rises as BoJ may keep the currency stable

Chart of USDJPY

The Japanese yen falls as the BoJ team vows to maintain monetary easing. Kazuo Ueda is the new governor nominee. He has so far kept quiet about any talk of an immediate shift in policy. This helps temper expectations of a more disruptive stance than his predecessor.

A final tweak to Haruhikokuroda’s yield cap could provide an upside surprise. This would be supportive of the currency. However, volatility will be influenced by the US jobs report later in the day if the BOJ meeting goes without a hitch. The pair is testing December’s high of 138.00 With 132.80 As the nearest support.

As the RBA raises again, the AUDUSD is steady

Chart of AUDUSD

The Australian dollar is consolidating ahead of an eventual rate hike by the RBA. The tightening is sinking in as Australia’s economy grew at its slowest pace in a year in Q4. The fight against inflation is not over, however, as rising prices and labor costs mean that the battle against inflation isn’t over. Markets are betting that the RBA will signal more hikes after it abandons its pause option. This is a significant increase from the current decade-high 3.35%. A bold reaffirmation of the upcoming policy…

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