USD 
GBP 
JPY 
AUD
It's been a wild ride for the Japanese Yen lately, and today was no exception. If you were watching USD/JPY, you'd have noticed it wasn't doing much, but that's not the whole story. According to FXStreet, MUFG's Lee Hardman thinks the recent Yen rebound against the US Dollar is unlikely to last, which was pretty wild considering the Middle East conflict is still ongoing. And honestly, it's surprising the Yen's been able to hold on this long. But anyway, back to today - the Swiss Franc was steady against the Yen, closing at 202.2401, which is basically unchanged.
But what really caught my attention was the Bank of Japan's decision to leave its policy rate at 0.75%, which didn't exactly send shockwaves through the market. However, United Overseas Bank's Alvin Liew pointed out that the BoJ signalled its next move will be a hike, which could be a game-changer for the Yen. And it's not just the BoJ - TD Securities strategists Oscar Munoz and Eli Nir are talking about the Fed's potential new inflation tools, which could have a big impact on the US Dollar. If you were watching the British Pound, you'd have noticed it's still underperforming, partly due to political uncertainty around PM Starmer and fiscal policy, according to Scotiabank strategists Shaun Osborne and Eric Theoret.
And if you're looking at the Aussie, it's still holding its own, despite some weak Chinese data. The British Pound / Australian Dollar pair closed at 1.8829, which is a slight gain for the Pound. But the Aussie's still looking pretty strong, and it's not just because of the Pound's weakness - the Australian Dollar / British Pound pair closed at 0.5311, which is also basically unchanged. The New Zealand Dollar / Yen pair closed at 93.8416, which is also steady.
So what's next? Well, we've got some big economic events coming up, including the Dallas Fed Services Revenues Index and the Richmond Fed Manufacturing Index. FXStreet pointed out that the uncertainty around US-Iran efforts to end the war is still supporting demand for the US Dollar, while the Swiss Franc is struggling to gain traction. And according to ForexLive, the prior services index was 9, which is the same as the previous reading. It's going to be an interesting few days, that's for sure.
Central Banks Steal Spotlight
But what really caught my attention was the Bank of Japan's decision to leave its policy rate at 0.75%, which didn't exactly send shockwaves through the market. However, United Overseas Bank's Alvin Liew pointed out that the BoJ signalled its next move will be a hike, which could be a game-changer for the Yen. And it's not just the BoJ - TD Securities strategists Oscar Munoz and Eli Nir are talking about the Fed's potential new inflation tools, which could have a big impact on the US Dollar. If you were watching the British Pound, you'd have noticed it's still underperforming, partly due to political uncertainty around PM Starmer and fiscal policy, according to Scotiabank strategists Shaun Osborne and Eric Theoret.
And if you're looking at the Aussie, it's still holding its own, despite some weak Chinese data. The British Pound / Australian Dollar pair closed at 1.8829, which is a slight gain for the Pound. But the Aussie's still looking pretty strong, and it's not just because of the Pound's weakness - the Australian Dollar / British Pound pair closed at 0.5311, which is also basically unchanged. The New Zealand Dollar / Yen pair closed at 93.8416, which is also steady.
So what's next? Well, we've got some big economic events coming up, including the Dallas Fed Services Revenues Index and the Richmond Fed Manufacturing Index. FXStreet pointed out that the uncertainty around US-Iran efforts to end the war is still supporting demand for the US Dollar, while the Swiss Franc is struggling to gain traction. And according to ForexLive, the prior services index was 9, which is the same as the previous reading. It's going to be an interesting few days, that's for sure.