Inflation Picks Up in Japan ahead of next week’s BoJ Monetary Policy Meeting

With the major financial markets closed for the day, volumes will be on the lighter side. U.S housing data will be the only numbers for the Dollar to respond to.
Bob Mason
Currency exchange notice board

Earlier in the Day:

Following a busy middle part of the week, it was a quieter end to the week.

Economic data released through the Asian session was limited to March inflation figures out of Japan.

Volumes were on the lighter side, with a number of key markets closed for Good Friday.

For the Japanese Yen

According to figures released by the Ministry of Internal Affairs and Communication, core consumer prices rose by 0.5% in March, following a 0.4% rise in February. The figures were in line with forecasts.

The annual rate of core inflation picked up from 0.7% to 0.8% in March, which was better than a forecasted 0.7%.

For the BoJ, the latest inflation figures delivered more food for thought for the BoJ ahead of next week’s policy decision.

The Japanese Yen moved from ¥111.975 to ¥111.996 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.03% to ¥111.94 against the U.S Dollar

Elsewhere

At the time of writing, the Kiwi Dollar was up 0.01% to $0.6683 for the session, while the Aussie Dollar was down 0.04% to $0.7148.

Both NZ and Australian markets are closed for the day, leaving volumes on the lighter side.

The Day Ahead:

For the EUR

European and U.S markets are closed for Good Friday. Risk appetite and further reaction to this week’s data will drive the EUR through the day.

Another round of disappointing stats out of the Eurozone led to the latest sell-off in the EUR on Thursday.

At the time of writing, the EUR was up 0.08% at $1.1239.

For the Pound

The UK is also on holiday today, which will leave the Pound exposed to a general sentiment towards Brexit which has yet to shift to a more positive footing.

At the time of writing, the Pound was down 0.01% to $1.2990.

Across the Pond

The U.S markets are also closed for Good Friday. Following Wednesday’s rebound, further Dollar appetite could kick in on the lighter volumes. On the economic data front, housing start and building permit figures for March are due out later today. The Dollar will respond to the numbers, which are forecasted to be Dollar positive. Lighter volumes may well lead to larger moves than usual, due to the public holiday.

At the time of writing, the Dollar Spot Index was down by 0.09% to 97.39.

For the Loonie

The Canadian markets are also closed today. A lack of stats will bring next week’s BoC policy decision into play.

The Loonie was up 0.03% at C$1.3372, against the U.S Dollar, at the time of writing.

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