BoJ Intervenes to Shore Up Yen

tm_market_view_2024-1024x538-1.jpg

This post was originally published on Trademakers

Last week we saw a reversal of the dollar strength which saw once again market expectations of 2 or more rate cuts in 2024 back on the table.

With disappointing job numbers and a less hawkish than expected Powel the dollar tumbled away its gains and stock markets were buoyed.

 

The Yen reversed all of its previous week’s loss as the BoJ intervened in the market. There was substantial buying of Yen through the week after it looked to break 160. By the end of the week JPY was back around the 152 level.

 

In commodity currencies both Aussie and Kiwi had good weeks ending the week second and third strongest. The AUD had a good week as expectations of an RBA rate cut got pushed from September to October. Additionally, both were helped by the overall risk on which ended the week and renewed optimism around China markets.

 

Both Euro and Pound had relatively quieter weeks with little or no surprises they both ended the week in their ranges.

 

CAD had a difficult week performing as bad as the US Dollar. The market is expecting a rate cut in June from the BoC as disappointing GDP and other data continues to weigh on the currency. This coupled with the collapse of the oil price was also going to give the CAD a difficult week.

 

Oil continued its volatility with large intra week swings. The end of the week say WTI close 6.8% lower just below $78.

 

Next week the market will be digesting the moves of last week and to see if the risk on rally continues.

 

Data wise we have interest rate decisions from RBA and BoE.

Weekly Majors’ Market Performance

trademakers_market_view_070524

What is Cromwell FX?

Cromwell FX is a quantitative FX manager offering superior risk adjusted returns. The portfolio is the most liquid pairs . The strategy is fully automated and adhere to strict rick management procedures to control leverage and position limits.

The post BoJ Intervenes to Shore Up Yen first appeared on trademakers.

The post BoJ Intervenes to Shore Up Yen first appeared on JP Fund Services.

The post BoJ Intervenes to Shore Up Yen appeared first on JP Fund Services.

Connect with SGT Markets

Follow us for the latest news & insights

Related Articles

tm_market_view_2024-1024x538.jpg

Currencies More Subdued (Apart from Yen)

tm_market_view_2024-1024x538-1.jpg

Currencies More Subdued (Apart from Yen)

tm_market_view_2024-1024x538.jpg

BoJ Intervenes to Shore Up Yen

jpfs_3D_Bull_Bear_featured-1024x536.jpg

Preserving and Accumulating Wealth in the S&P 500

tm_market_view_2024-1024x538-1.jpg

Yen Collapse; FOMC in Focus

tm_market_view_2024-1024x538.jpg

Yen Collapse; FOMC in Focus

jpfs_3D_Bull_Bear_featured-1024x536.jpg

3D Bull & Bear Monthly Update – March 2024

jpfs_3D_Bull_Bear_featured-1024x536.jpg

3D Bull & Bear Monthly Update – February 2024

jpfs_multi_diversified_featured-1024x536.jpg

Multi Diversified FX Portfolio Performance – March 2024

jpfs_growth_diversified_featured-1024x536.jpg

Growth Diversified Portfolio Performance – March 2024

tm_market_view_2024-1024x538-1.jpg

Inflationary Pressure Resurfaces

tm_market_view_2024-1024x538-1.jpg

Inflationary Pressure Resurfaces