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- BoJ: A lack of policy change is priced-in and may leave USD/JPY in a range – SocGen
BoJ: A lack of policy change is priced-in and may leave USD/JPY in a range – SocGen
Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes how central banks' policies could impact their currencies.
CAD and AUD to benefit from a Fed pause/skip
That a clear signal from the BoJ hasn’t weakened the Yen much at all, suggests that a lack of policy change is priced-in, and may leave USD/JPY in a range, but the options market is right to price for greater downside than upside potential in USD/JPY.
Elsewhere, last week’s hikers (RBA and Bank of Canada) should see their currencies benefit from a Fed pause/skip, and we continue to like NOK/SEK on the grounds that expectations of a hike next week can grow. BoE and SNB hikes, however, are already fully priced.
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