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21/01-13   -   Press releases

Yen pushes higher ahead of BoJ meeting

This morning European stock markets are flirting with two year highs. Despite this apparent optimism, the ´risk off´ barometer the Japanese yen is on

the rise. This comes ahead of Tuesday´s Bank of Japan meeting where the panel are expected to inject more liquidity into the system. This move has been

widely expected for some time and its thought that the yen pairs are pushing lower as traders sell off positions that were made in advance anticipation

of this activity. The USD/JPY is down 0.62%, with the EUR/JPY off by 0.55%. The dollar index is weakening this morning as general risk appetite

improves, with gold rising slightly as a result.

Today look for headlines coming from the latest eurogroup meetings. The GBP/USD is rebounding off the November lows this morning, but this could be a

temporary reprieve against the general trend of pound weakness.

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