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What is the Next Shoe to Drop?

April 28, 2016
One can appreciate the frustration in Tokyo. The Bank of Japan surprised the world by adopting negative rates in January and the yen rallied. Today it disappointed many by not easing, and the yen rallied. The BOJ next meetings in mid-June and like this week, the outcome of its meeting will be announced the day after the FOMC meeting. There is some…
What is the Next Shoe to Drop? What is the Next Shoe to Drop? Reviewed by Marc Chandler on April 28, 2016 Rating: 5
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Central Banks Roil Markets

April 28, 2016
The Bank of Japan defied expectations and its economic assessment to  leave policy unchanged.  The inaction spurred a 3% rally in the yen and an even larger slump in stocks.  The financial sector took its the hardest and dropped almost 6%.  The yen's surge helped underpin other Asian currencies, especially the South Korean won, which gained ne…
Central Banks Roil Markets Central Banks Roil Markets Reviewed by Marc Chandler on April 28, 2016 Rating: 5
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FOMC Statement Demonstrates Firm Grasp of the Obvious FOMC Statement Demonstrates Firm Grasp of the Obvious Reviewed by Marc Chandler on April 27, 2016 Rating: 5
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What is the BOJ Going to Do?

April 27, 2016
Under Kuroda's leadership the BOJ has surprised the market a number of times, most recently with the move to negative rates at the end of January.  
It is not that such a move, which has been tried by several European central banks, was without merit.  After all, growth and inflation prospects are not very encouraging.  The Bank of Japan…
What is the BOJ Going to Do? What is the BOJ Going to Do? Reviewed by Marc Chandler on April 27, 2016 Rating: 5
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Two Issues Loom Large Today: Soft Australia CPI and FOMC

April 27, 2016
The foreign exchange market is largely quiet as the market awaits fresh trading incentives and the FOMC statement later in the North American session.  The main exception to the consolidative tone is the Australian dollar, which is posting its largest loss (~1.7%) in a couple of months.  
The short-term market was caught the wrong-footed when Austr…
Two Issues Loom Large Today: Soft Australia CPI and FOMC Two Issues Loom Large Today: Soft Australia CPI and FOMC Reviewed by Marc Chandler on April 27, 2016 Rating: 5
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