020 7898 0500The Japanese yen has felt the consequences of the Bank of Japan’s dropping of its deposit rate into the negative territory. The currency fell over 2% against the US dollar, wiping out all gains made so far in 2016. Bank of Japan Governor Kuroda has also suggested that the rate will be dropped even lower if required, so it looks like the Japanese yen’s recovery was rather short lived.
Tomorrow sees a flurry of data out in Oceania. Very early morning we have the Australian cash rate, accompanied with a Reserve Bank of Australia (RBA) Rate Statement; the cash rate is expected to remain at 2%, so any surprises could move Australian dollar markets. Later in the evening there is employment data from New Zealand – expected is employment change at 0.8% for the quarter, which is 1.2% up from last quarter’s figure, so any surprises here could also have an impact on the New Zealand dollar.
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