Forex Analysis for Thursday 20th July 2017
Crude oil inventories saw a bigger drawdown than expected.
Bank of Japan:
• Kept rates at -0.10%, 10yr JGB yield target at 0.00% and annual pace of JGB holdings at JPY 80tln.
• Increased Real GBP forecasts for FY17, 18 and 19.
• Decreased Core CPI forecasts for FY17, 18 and 19
BoJ Governor Kuroda reiterates that risks to prices and the economy are tilted to the downside.
The tone is mildly risk on with global equities rising on Wednesday and again this morning. Oil rises on the inventory drawdown. The USD is flat with the trend being down. The AUD continued its move up yesterday but is reversing this morning. Other currencies are largely range-bound.
GBP Retail Sales; EUR Minimum Bid Rate and Press Conference.
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