Forex Asia Review – USDJPY down after BOJ keeps policy unchanged

Important: This page is part of archived content and may be outdated.

EURUSD edged slightly higher in Asian trading, rising for the third straight session due to broad dollar weakness following weak US jobs data last Friday. The pair opened in Asia at 1.3104 and rose to 1.3143.

Fed Chairman spoke again on late Monday and continued the same dovish tone saying the US is still recovering from the global financial crisis. This raised speculation that the possibility of more quantitative easing still exists.

GBPUSD advanced high from 1.5890 to 1.5929, given an additional lift by UK housing data. The RICS house price balance was better than expected in March.

EURJPY reached a session high of 107.43 and fell after the Bank of Japan policy meeting  to 106.83. The BOJ  refrained from more easing . USDJPY gave up all earlier gains made in the US session and declined on profit taking ahead of the BOJ meeting from highs of 81.85 to 81.34.

AUDUSD see-sawed during the Asian session, ending little changed from where it opened. The pair rose to a high of  1.0355 from 1.0311 and fell back down to 1.0305. China, which is Australia’s major trading partner, recorded an unexpected trade surplus of $5.35 billion in March, but the news failed to keep the aussie buoyed.