Ekonomické zprávy

Asian session review: the US dollar shows positive dynamics

TimeCountryEventPeriodPrevious valueForecastActual
01:30AustraliaPrivate Sector Credit, y/yMarch7.6% 6.8%
01:30AustraliaPrivate Sector Credit, m/mMarch0.4% 0.3%
01:30AustraliaProducer price index, y/yQuarter I5.8% 5.2%
01:30AustraliaProducer price index, q / qQuarter I0.7% 1%
03:00JapanBOJ Outlook Report    
03:00JapanBoJ Interest Rate Decision -0.1%-0.1%-0.1%
05:00JapanHousing Starts, y/yMarch-0.3%-4.3%-3.2%
05:30FranceConsumer spending March-0.8%0.3%-1.3%
05:30FranceGDP, q/qQuarter I0%0.2%0.2%
06:30SwitzerlandRetail Sales (MoM)March0.5% -0.1%
06:30SwitzerlandRetail Sales Y/YMarch-0.5% -1.9%
06:45FranceCPI, y/yApril5.7%5.7%5.9%
06:45FranceCPI, m/mApril0.9%0.4%0.6%
07:00SwitzerlandKOF Leading IndicatorApril99.298.196.4

During today's Asian trading, the US dollar rose moderately against major currencies ahead of the publication of US inflation data, while the Japanese yen fell by more than 1% on the back of the results of the Bank of Japan meeting.

The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.27% to 101.77.

The Japanese yen hit a 7-week low against the US dollar after the Bank of Japan left the monetary policy parameters unchanged. The Policy Board unanimously decided to maintain an interest rate of -0.1% on current accounts that financial institutions maintain at the central bank. The Bank of Japan also decided to keep its yield curve control policy unchanged. Meanwhile, the Bank of Japan abandoned its commitment to keep interest rates at "the current level or lower" and said it would "conduct a broad monetary policy review". In addition, the Central Bank has revised its forecasts for inflation and GDP. It is now expected that in fiscal 2023, inflation will be 1.8% (+0.2% compared to the previous forecast), and in fiscal 2024, inflation will rise to 2% (previous forecast: 1.8%). Meanwhile, the GDP forecast for fiscal 2023 was revised to 1.4% from 1.7%, and the forecast for fiscal 2024 was improved by 0.1% to 1.1%.

Ahead of the announcement of the results of the meeting, official data showed that the core CPI in the Tokyo region grew by 3.5% per annum in April, exceeding forecasts (+3.2%), and accelerating compared to March (+3.2%). Thus, the data indicated an increase in inflationary pressure in the world's third largest economy.

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