Financial markets are generally mixed today, trading sluggish. European indices and US futures vary, while yields on the benchmarks for Germany and the US are slightly lower. In terms of currencies, the Australian dollar and the pound sterling are currently softer, followed by the dollar. The Swiss franc and the euro are stronger, followed by the Canadian ones. There is no very clear direction at the moment.
The Nikkei is falling sharply today as the sell-off continues after the Bank of Japan decided to exclude Nikkei-linked ETFs from its purchases. However, Topix is also trading deep down. Japanese markets were stifled by the news that a fire-damaged automotive semiconductor plant would take at least a month to restart.
The forecast for Japan implies markets are generally quite calm. The yen is trading moderately higher, followed by the dollar and Switzerland. The Australian and New Zealand dollars are softer so far.
Bank of Japan Governor Haruhiko Kuroda told the Upper House Finance Committee that after analyzing ETF purchases, the central bank could continue to use the easing policy “more flexibly and effectively.” ETF buying is also an important part of YCC control, which will help YCC avoid the impact of stock prices. Currently, the central bank is not considering selling ETF assets or stopping purchases at all.
After the start of the day with a bearish gap, the EUR/USD pair reversed its direction and grew steadily throughout the day. In connection with renewed bearish pressure on the dollar during American trading hours, the pair climbed to a new daily high of 1.1934. At the time of writing, EUR/USD is up 0.33% for the day to surpass 1.1934.
Christine Lagarde, President of the European Central Bank (ECB), said on Monday that the short-term economic outlook in the euro area is subject to uncertainty. “We stand ready to adjust all of our instruments as necessary to ensure that inflation continues to move towards our target in line with our quest for symmetry,” Lagarde repeated in an ECB blog post.
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