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05:00 Japan BoJ Interest Rate Decision - 0.10% 0.10% 0.10%
05:00 Japan BoJ Monetary Policy Statement
The yen fell versus all of its most-traded counterparts, paring a monthly advance, after the Bank of Japan added monetary stimulus for a second time in three months. The yen dropped against the dollar and euro after BOJ officials increased the bank’s asset-purchase fund by 10 trillion yen ($123 billion) to 40 trillion yen, according to a statement released in Tokyo today. All 14 economists in a Bloomberg News survey predicted additional easing with most expecting an increase in asset buying ranging from 5 trillion yen to 10 trillion yen.
The euro fell, extending a monthly loss against the dollar and yen, after Standard & Poor’s cut Spain’s sovereign debt rating, adding to concern the region’s financial woes are spreading. S&P downgraded Spain’s long-term credit rating two levels to BBB+ yesterday from A, saying the outlook is negative as the country’s recession undermines efforts to cut the budget deficit.
Australia’s dollar halted two days of gains as traders bet that the Reserve Bank will cut interest rates next week.
EUR/USD: during the Asian session the pair holds in a range $1.3175-$ 1.3210.
GBP/USD: during the Asian session the pair holds in a range $1.6165-$ 1.6190.
USD/JPY: during the Asian session the pair fell, updated a week’s low.
European data for Friday starts at 0600GMT with German import prices for March, which are expected to rise 1.0% m/m, 3.4% y/y, while at 0610GMT, the Gfk measure of German consumer confidence is expected to remain at 5.9. From 0800GMT, Swiss National Bank Board members are due to speak at a SNB General Meeting of Shareholders, in Bern. UK data is limited to the latest Land Registry House Price Index at 1000GMT. At 1050GMT, ECB Vice President Vitor Constancio gives the keynote address at the conference in Brussels. US data starts at 1230GMT with the first (advance) report of Q1 GDP and also the quarterly Employment Cost Index data. Then, at 1355GMT, the
final reading of the Reuters/University of Michigan Survey is due and is expected to be revised up to a reading of 75.7 for April. Late US data sees the release of C&I Loans data at 2015GMT.
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