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ECB and BoJ leave rates unchanged

Posted on: July 20, 2017

USD is stronger to start the session against the G10 as both the ECB and Bank of Japan left rates unchanged. Starting in the land of the rising sun, as expected the Bank of Japan extended the timeline for hitting the 2% inflation target to 2019/2020 which was bearish for the JPY. The bank has maintained its 2% inflation mandate since 2013, and has had to defer it 6 times, as the banks asset purchase program fails to end a deflationary era.

In Europe, the statement from the ECB was more dovish than expected with both quantity and duration of QE still on the table. EURUSD is dipped briefly below 1.1500 only to squeeze higher as Draghi hit the tapes. Tapering feels unavoidable, not matter what the ECB says.

A strong Australian employment report and boost from oil prices saw AUDUSD take a run at 0.8000 before failing to run the barriers causing a full reversal this morning. Plenty of RBA speakers on the schedule, we will see if they are comfortable with recent AUD strength or if they try and walk it back.

This morning UK Retail Sales beat expectations but the Pound was sold aggressively anyway with GBPUSD trading back below 1.3000.

Yesterday, USDCAD took another run at 1.2580 after strong crude inventory numbers gave oil a boost. We have failed there twice now, and expect we hold there again today unless we get some major oil news or CAD strength on the crosses as participants await the Canadian CPI print and Retail Sales numbers tomorrow morning. First resistance comes in around 1.2670/80 with support at 1.2580.

  • Yesterday's NA 1.2578 - 1.2620
  • Asia 1.2592 - 1.2624
  • London 1.2607 - 1.2641


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