Daily News | Great expectations

The Bank of Japan is under the great pressure these days. There are various expectations about the exact size of the stimulus package: yesterday Shinzo Abe, Japan’s prime minister, stated that the government had in mind the sum of 28 trillion yen, but nobody can answer the most important question: how exactly will they distribute that money? Many analysts are quite skeptic about this type of fiscal interventions, explaining that these kind of stimulus efforts have already had some negative consequences (negative rates, risky assets). Allegedly, the sum that Abe keeps repeating is too big, and some sources said that the government had in mind the amount of 7 trillion yen. This could have a massive impact on the future market behavior. Currency expert Lee Hardman said that the market was too optimistic about the Japanese easing. As a result of all this turmoil, the dollar fell 0.9 percent to 104.48 yen.

In the U.K., investors are waiting for the Bank of England’s next meeting, which will take place next week. Expectations here are that the official interest rates will be cut. Even though the situation is not good, it is not likely that the pound will move lower. According to Manuel Oliver from the French Credit Agricole bank, the oversold territory has been reached. The indices are showing that the foreign exchange traders still aren’t short on the GBP/USD. In today’s London trader the pound fell 0.6 percent to 84.06 pence per euro.

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Author: Max Rothstein

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