AR
ID
PT
ES
TH
ZH-HANT
ZH
DE
HOME
IT
MS
FR
JA
NL
FI
SI
SV
Call: +230 5869 0074 Mail: support.mu@gomarkets.com
Log in Open account
Log in Open account
AR
ID
PT
ES
TH
ZH-HANT
ZH
DE
HOME
IT
MS
FR
JA
NL
FI
SI
SV
Log in Open account
News & Analysis
Try free demo Open account
News & Analysis
Try free demo Open account

FX Analysis – DXY flat, JPY rangebound ahead of BoJ, AUD NZD underperform on China woes

23 January 2024 By Lachlan Meakin

Share

USD was flat in Monday’s session with DXY trading in a tight range from 103.110-103. 370 amid a light economic calendar ahead of the major risk events from Tuesday onwards. DXY still capped to the upside by the 50% Fib level resistance as traders look to be waiting for rate decisions from the BoJ, BoC and ECB before taking a USD view.

AUD, and NZD were the G10 underperformers. AUDUSD trading just above 0.6600 early in the APAC session before reversing course and retracing all of Friday’s gains. NZDUSD breaking support at 0.6084 to set new 2024 lows. AUD and NZD weighed on by a broad-based selling in the Chinese market.

JPY was flat against the USD ahead of today’s BoJ policy meeting. Comments from Japanese PM Kishida requesting firms provide larger pay rises this year supporting the Yen somewhat. The BoJ isn’t expected to make any changes to current easy money policy but any mention of a timeline for rate normalisation would be Yen positive. USDJPY still trading in a tight range, just holding the key level of 148 coming into the BoJ announcement.

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

News and Analysis

Join our mailing list to receive market news and monthly newsletters, delivered directly to our inbox.