The USD/JPY is trading at 91.97 as the JPY gained momentum on a weaker US dollar. Two separate incidents caused market reaction yesterday. The Italian election continues to disturb traders and bring the eurozone crisis back to the forefront with Silvio Berlusconi coming close to the power seat. Traders also reacted to the defensive testimony by Mr. Bernanke, who assured US politicians that the asset programs were not causing inflation or an asset bubble. Traders took these comments to mean that the Fed would continue its stimulus program, which weighed heavily on the US dollar.
The Bank of Japan may see more stimlus and new programs under Haruhiko Kuroda, an opponent of deflation who ran the nation’s currency policy and then built an international reputation leading the Asian Development Bank. Finance Minister Taro Aso told reporters Monday that Kuroda, Prime Minister Shinzo Abe’s pick as BOJ governor will work closely with the Prime Minister and the Finance Minister.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data February 27, 2013 actual v. forecast
|
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
Feb. 27 |
|
JPY |
|
|
Retail Sales (YoY) |
-1.1% |
|
-1.3% |
|
0.4% |
|
|
|
|
|
AUD |
|
|
Construction Work Done (QoQ) |
-0.1% |
|
1.5% |
|
1.9% |
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