Online Forex Trading

ASIA SUMMARY
Due to current market volatility, Wednesday’s Asia Summary is in bullet form to highlight important notes of the session thus far. We are currently waiting on the imminent Bank of Japan Rate Decision:

• AUDUSD: Higher. RBA’s Glenn Stevens comes out with hawkish comments … interest rates “more likely to rise than fall”

• BOJ: early reports by NKH Japanese news service reported no change by BoJ. The unconfirmed and unofficial report caused a USDJPY rally to 120.55.

• BOJ: NHK report denied. Prime Minister Abe says he has not heard anything on decision. USDJPY lower.

• BOJ: Fukui proposes a hike. USDJPY declines below 120.00.

• BOJ: Finance Minister Omi says government willing to let BoJ rate rise vote take its course. The is the unofficial go-ahead for the rate hike. The market is fully expecting the hike following Omi’s comments.

• BOJ: market currently pricing in a 92% chance of a +0.25% rate hike

London’s Session Summary will contain the results of the BoJ decision and subsequent market action.