People are unwinding short yen positions ahead of the BOJ meeting. Some market participants are speculating on what kind of the language and economic assessment would come out of the meeting.
More Quotes from Carsten Fritsch:
People have got high hopes for this number, to justify some of the bigger expectations for Fed rate increases we've seen develop this week. No one's going to want to put on big bets before the report though.Carsten Fritsch
There was an upgrade in the economic assessment by the BOJ and comments from governor Fukui. From that point of view an end to the zero interest rate policy is coming closer.
Carsten Fritsch
We would need a very bad trade number to hurt the dollar against the euro, given positive dollar sentiment at the moment.
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After the trade deficit data in 9 out of 11 occasions the dollar went up. We need extremely bad numbers to put pressure on the dollar.
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It's likely to be another difficult year for the rand. As the yield gap narrows, that will make it more difficult for South Africa to attract the investment it needs.
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It's the continuation of unwinding of yen short positions following further comments from Japanese officials. This time it was the government official, which suggested the government may agree with the BOJ to change policy.
Carsten Fritsch
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