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Currency Analyst since 2010

Jan. 21: MARKET OVERVIEW

FXBAZOOKA.com - Asian shares excluding Japan hit a 6-week high and EUR/USD stayed under pressure on Wednesday trading below 1.1600 as investors expect the European Central Bank to announce quantitative easing (QE) on Thursday.

AUD and NZD are on the upside after losses in the previous days. CAD weakened to more than 5-year low on speculation the Bank of Canada may signal it’s more likely to lower interest rates than raise them (the BOC meeting results are due at 15:00 GMT).

USD/JPY fell from 118.80 to 117.50. Japanese yen strengthened as the Bank of Japan policy unchanged at its meeting. Japan’s Nikkei fell by 0.5% as there was no new monetary stimulus in Japan. The BOJ cut its inflation projection to 1% for the fiscal year starting in April, while raising its forecast for GDP to 2.1%. EUR/JPY fell by 100 pips.

Gold extended its rally to a 5-month high, rising above $1,300 per ounce. US 10-year yield stood at 1.797% after it fell to the lowest level since May 2013 at 1.698% on Tuesday.

GBP/USD rose to 1.5175 after a volatile day yesterday. Watch the UK releases at 09:30 GMT:

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