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Forex Flash: Markets broadly stable on BOJ stance - BTMU

FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the financial markets are broadly stable as market participants continue to digest the unprecedented monetary policy measures taken by the BoJ last week.

He feels that there is every chance of an imminent break above 100.00, with the risk associated with shortening the Yen seen as minimal given the strong desire of the Japanese authorities to keep the current momentum going in order to shift both investor and household expectations about the future. Elsewhere, PM Abe spoke in the Diet today and there was no hint of concern over recent market movements stating that the BOJ measures “will correct the excessively strong yen” adding that the intention of policymakers is not to directly weaken the yen. Halpenny adds that there have been reports of increased buying of gold by Japanese households this week may well be an indication that the BOJ policy measures could well alter household investing behaviour that results in increased appetite for foreign currency denominated assets that ultimately pushes the yen weaker over time.

Forex Flash: What does the EUR/USD have to offer? – Commerzbank and UBS

The shared currency has left behind the resistance at 1.3100 on Wednesday, as the risk-rally continues to prevail in the global markets ahead of the FOMC minutes due later today...
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Commodities Brief – Precious metals cautious ahead of FOMC, silver testing 28.00 level

Gold prices were trading with caution Wednesday, ahead of the FOMC minutes later today, as investors await any clues and direction regarding the US bond buying program. Having built on a recent recovery, the yellow metal was off to another positive day, peaking at the 1588 level, though in recent moments these gains were pared and the price of gold now stands at USD $1584.36 per oz. Ultimately, a breakout in either direction will be postponed until the FOMC, which would explain the relatively narrow consolidation thus far.
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