Japan Apr Monetary Base (YoY) up to 23.1% vs 19.8%
May 2, 2013
Forex: AUD/CAD finishes sharply lower as risk assets stumble
The AUD/CAD finished the session sharply lower, down 66 pips at 1.0362. This was the lowest close (and also the first time it closed below the 200dma) since February. It was a rough day for many asset classes as both commodities and equities finished with sharp declines. Many are pointing to recent economic weakness, and the Aussie’s correlation with global growth outlook to expect further declines in the pair.
The minutes from the Monetary Policy Meeting of the Bank of Japan held on April 3 and April 4 were just published. The report provides little new clues of interest, with the new "quantitative and qualitative monetary easing" program details details having being fully priced in by the market. In the official minutes report BOJ members agreed that the economy has shown signs of picking up. Japan also announced a monetary base of 23.1% (YoY) in April vs 19.8% in March.