• Yen selling keeps USD demand in play

    At a time when most central banks are talking potential interest rates/QE tapering the Bank of Japan is in no rush to tighten policy, as I highlighted yesterday, and that's led to renewed Yen selling.

    That supply has seen USDJPY rise to 114.48, not seen since March, and while the general US$ demand is keeping a lid on other currencies the Yen selling is also helping to provide a base too.

    GBPUSD has been down to 1.2853 twice but failed to break lower as GBPJPY demand provides buyers while EURGBP has rallied to post fresh highs of 0.8859 (GBPEUR down to 1.1287) and overall the Pound remains on the back foot again.

    EURUSD has fallen back to 1.1382 but supported by EURJPY while USDCHF has been up to test 0.9680 with EURCHF breaking up through 1.1000 for the first time last September.

    The Aussie $ and Canadian $ both remain underpinned also helped by demand versus Yen. Bank of Canada meeting tomorrow is focus with expectations of a hike still in play.

    Don't forget to place your orders to maximize gains/minimize losses.

    Have a good day one and all.

    Interbank Rates 06.50 BST

    GBPUSD 1.2878

    EURUSD 1.1387

    EURGBP 0.8842

    GBPEUR 1.1307

    USDJPY 114.43

    AUDUSD 0.7625

    USDCAD 1.2891

    GBPAUD 1.6891

    GBPCAD 1.6602

    GBPCHF 1.2456

    GBPZAR 17.4300

    GBPHKD 9.9944

    EURHKD 8.8391

    GBPSGD 1.7826

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