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Morning Market Update – BoJ’s Dovish Outlook

By:
Sylvester Stephen
Updated: Jun 21, 2017, 07:09 UTC

Dallas Fed President Robert Kaplan doubted the recent inflation numbers and said that he will wait and see whether these readings will stick around

Bank of Japan

Dallas Fed President Robert Kaplan doubted the recent inflation numbers and said that he will wait and see whether these readings will stick around permanently or not. He also stated that he would patiently wait for the inflation rates to improve before the Fed formulates further rate hikes for this year.

The United States API Weekly Crude Oil Stocks dropped down to -2.72M from a previous value of 2.75M. Australia Westpac Leading Index (MoM) increased from a previous value of -0.1% to 0%.

The minutes from the April Bank of Japan’s (BoJ) meeting revealed that the policymakers were expecting weak inflation numbers. Due to this, several members felt that the economy is in risk. Moving on for the day, Yen’s All Industry Activity Index came in at 1.7% when compared to the previous release at -0.6%.

Greenback saw a slight dip with the Existing Home Sales forecasts at 5.55M against a previous value of 5.57M. Also, the oil continued to decline for the EIA Crude Oil Stocks change. Late in the day, we have the Bank of England (BoE) MPC Member Haldane’s speech and Bank of Japan Governor Kuroda’s speech.
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