Daily Forex News April 4th 2013FCTOFX: The Japanese yen dropped sharply today after New Bank of Japan governor Kuroda announced a radical overhaul of its policies in his first meeting. The Bank of Japan said in the statement that it will "conduct money-market operations so that the monetary base will increase at an annual pace of about 60 to 70 trillion Japanese Yen ($645 to $755 billion)." Meanwhile, the Bank of Japan will also combine the two bond-buying programs to buy Japanese Government Bonds with maturity of up to 40 years. Also, the Bank of Japan will revert back to open-ended asset purchases and will buy 7 Trillion in long-term Japanese Government Bonds per month with bond holdings to rise at an annual pace of 50 Trillion Yen. Purchase of Exchange-Traded Funds will be raised by 1 Trillion and Japanese Real Estate Investment Trusts by 30 Billion, annually. USD/JPY powered through the 94 level after the announcement and is now heading back to the 96.7 near term resistance. Strong strength is also seen in all yen crosses in general.

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Daily Forex News April 4th 2013The Euro is steady elsewhere as markets are awaiting the European Central Bank rate decision and press conference. The ECB is widely expected to keep rates unchanged at 0.75% but there is some speculation that the central bank will introduce measures to inject additional liquidity to the interbank market. Also, ECB president Draghi is expected to address the issue in Cyprus as well as the political uncertainties in Italy. Recent data confirmed that the Eurozone is still stuck in recession in Q1, which will likely extend into Q2. Markets will also scrutinize Draghi's messages to see if he could turn dovish or for hints of additional easing moves from the central bank later in the year. The Bank of England will also announce its rate decision today and is expected to keep rates unchanged at 0.5%. Opinion on whether the Bank of England will expand the asset purchase program is mixed. We tend to believe that the Central Bank will keep the size of the program unchanged at 375 Billion British Pounds but won't be too surprise if it expand the program by another 25 Billion.

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Daily Forex News April 4th 2013In the US, San Francisco Fed Williams said that the Fed could "meet the test for substantial improvement in the outlook for the labour market, by this summer" and by then, the Fed would "start tapering our purchases" and even "end the purchase programme sometime later this year." Meanwhile, St. Louis Fed Bullard said that the Fed is not "in any hurry" to reassess the open-ended asset purchase program and can "take their time to make sure the data comes in as strong as they think it will." Fed governor Tarullo said "benefits outweigh the cost" of continuing the bond purchases and he'd prefer to see "some good healthy peaks that have job creation well above the rate of new entrants into the labor market" before supporting curbing of the quantitative easing program.

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Daily Forex News April 4th 2013On the data front, Australian building approvals rose more than expected by 3.1% month on month in February while retail sales also beat expectation and rose 1.3%. The Eurozone will release final Services PMI and PPI while the UK will release Services PMI. The US will release initial jobless claims later today.

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