Yen and Aussie slide | FX Research
The two biggest movers in the FX market on Wednesday have been the Yen and the Australian Dollar, both of which have come under significant pressure.
The Yen has been sold on reduced odds of a BoJ rate hike this month, following a local news article suggesting the central bank would likely prefer to wait and carefully assess developments in the U.S. economy and other factors before making any changes to rates. Additionally, various central bankers have indicated that the BoJ should avoid hasty decisions regarding further rate hikes.
In Australia, market sentiment has been weak following a softer Australian GDP report and discouraging China Services PMIs.
Elsewhere, attention is focused on updates from France, where the market is closely watching the no-confidence vote. A collapse in the government could result in the worst political crisis France has faced in decades.
In the UK, dovish comments from BoE Governor Bailey suggested expectations of four rate cuts next year as inflation continues to ease.
Looking ahead, key events include an ECB Lagarde speech, U.S. ADP employment data, ISM Services, factory orders, a speech from Fed Chair Powell, and the release of the Fed Beige Book.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
The Yen has been sold on reduced odds of a BoJ rate hike this month, following a local news article suggesting the central bank would likely prefer to wait and carefully assess developments in the U.S. economy and other factors before making any changes to rates. Additionally, various central bankers have indicated that the BoJ should avoid hasty decisions regarding further rate hikes.
In Australia, market sentiment has been weak following a softer Australian GDP report and discouraging China Services PMIs.
Elsewhere, attention is focused on updates from France, where the market is closely watching the no-confidence vote. A collapse in the government could result in the worst political crisis France has faced in decades.
In the UK, dovish comments from BoE Governor Bailey suggested expectations of four rate cuts next year as inflation continues to ease.
Looking ahead, key events include an ECB Lagarde speech, U.S. ADP employment data, ISM Services, factory orders, a speech from Fed Chair Powell, and the release of the Fed Beige Book.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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