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.
More Quotes from Carsten Fritsch:
He also suggested the weakness in the data is temporary. If he proves to be wrong and the data continues to come in soft, then that will be very negative for the dollar.Carsten Fritsch
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.
Carsten Fritsch
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
After we failed to break the year's lows against the euro, people decided to take some money off the table. Hedge funds are among those selling the dollar, and they're causing this sharp move upward.
Carsten Fritsch
A coalition of this kind would hurt the reform process considerably, and that's worrying the market. I'd expect to see further euro weakness ahead of the election.
Carsten Fritsch
The move in the yen has spilled over on the perception the dollar will continue to gain as the Fed keeps raising rates.
Carsten Fritsch
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