The Bank of Japan left the negative interest rate and all aspects of its ultra-loose monetary policy unchanged during today's policy meeting, sending the yen lower.
➡️ The Bank of Japan has completed its latest policy meeting, deciding to leave the negative interest rate and forward guidance completely unchanged. There was speculation that the Bank would begin to talk about a move towards a policy change, but this did not materialize. The market reacted by selling the Japanese yen
➡️ The Reserve Bank of Australia released the minutes of its most recent policy meeting, which contained no surprises and had minimal impact on the Australian dollaror. Members have seen encouraging signs of progress on inflation and are determined to leave rates unchanged.
➡️ I Asian stock markets remain mixed, but major US indexes continue to advance after closing at 2-year weekly highs on Friday. The price ofNASDAQ 100 index it is very close to the all-time high and the benchmark S&P 500 Index it is very close to the new high price of the last 2 years.
➡️ Crude oil continued to rise strongly after trading at a new 6-month low, hitting a new 2-week high, as attacks on shipping in the Red Sea by Houthi Forces prompted major shipping companies to refuse to ship transit goods through the Red Sea. The United States says it will mount a military operation to fully reopen the Red Sea to shipping traffic, which could mitigate this surge.
➡️ In the Forex market, since the opening of Tokyo, the New Zealand dollar has been the strongest major currency, while the Japanese yen has been the weakest, putting the NZD/JPY currency cross on fire. There currently appear to be no good long-term trends to exploit in this asset class, although with the US dollar weakening again last week, all eyes will be on EUR/USD long if we get a daily close above the key resistance level at $ 1.1008..
➡️ Bitcoin appears to have found support at the $ 40,907 level, but the upside from that level is starting to look weak.
➡️ Cocoa futures they closed higher yesterday and remain within a valid and very strong long-term uptrend.
Credit by DailyForex.com