Tokyo data undershot, France and Italian data beat expectations

Below’s a snapshot of the data out today, BOJ intended bond buying program for April and the FX rates as they stand at 9:55 am GMT.

Kuroda and his crew get little respite from the Tokyo CPI’s and IP but the job/applicant ratio continues to tighten, which should in theory put upwards pressure to wages. The BOJ announced and kept the amount of JGB buying steady for April this morning.
Anyway the Tokyo last day of the Fiscal Year fixing saw decent corporate interest selling USDJPY again. It’s been a yoyo throughout the session between 106.10 and 106.55, we’re hanging around the lows with very little participants expected between now and Monday. Fact is we kept below 106.60/70 which is my immediate marker for direction. I did buy 1/3 back of shorts this morning at 106.15 just in case of a non desired event to make it a painless trade come next week.

Elsewhere French and Italian CPI’s beat expectations, which should keep the EURO above the 1.2270/85 support zone imo. But not expecting anything this Good Friday.
The USD lost some ground overall, a bit expected after the month/quarter end demand. Short term players accompanying the move, including myself jobbing it as said this week, take profit.Besides I temporary bought back EURGBP not far from sell level as not going my direction, reassess next week.
I’m keeping short USDJPY, short EURCAD , long EURCHF.

That leaves me to wish you all a good Easter, joy, happiness over the long weekend as especially PEACE.

BOJ Bond purchases for April 2018


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