Following encouraging comments from the new Governor of the BOJ and the promising data reports, the U.S. dollar was seen to have recorded higher trends in comparison to the yen in the Asian trading session on Tuesday. A closer look revealed that the USD/JPY is at a higher position by 0.22% at 94.37 subsequent to prior trading, which was as high as 94.96. The pair was expected to locate support at 0.9418 that was Friday’s low and seek resistance at 96.10, which was Thursday’s high. BoJ Governor Haruhiko Kuroda talked to the Parliament about the monetary policy, advising that the weaker trends of Yen had contributed in the recovery of Japanese consumer sentiment.
The BOJ also stated that Japan’s corporate services price index increased higher-than-expected in February, in the early news today. Japan’s CSPI climbed at a rate of 0.1% previous month with reference to a reading of -0.2% in the month of January. Analysts projected there will be no alteration in the CSPI values in February.
In other news, the Bank of Korea announced South Korea had recorded growth of 1.5% for the fourth-quarter GDP, which was an advance of 0.3% compared to the third quarter, representing the impact of Japan’s weaker yen on South Korea. Over the previous six months, it was observed that the Yen had slipped 18% in comparison to the South Korean won, which was worse compared to the weak trends of the Japanese currency against other major global currencies.
NZD/JPY is seen at a higher position by 0.09% at 78.72. The EUR/JPY increased 0.30% to a value of 121.42 whereas AUD/JPY is high 0.08% at a value of 98.64. AUD/NZD advanced 0.02% to a value of 1.2535. EUR/NZD is at a higher position by 0.11% at 1.5410. EUR/USD climbed 0.09% to 1.2865, as seen in Asian trading on Tuesday.
It was also observed that NZD/USD is off 0.04% at a value of 0.8349. The pair was expected to discover support at 0.8308, which was the low of March 22 and find resistance at 0.8398, which was the high of February 22. The Statistics New Zealand stated a NZD414 million trade surplus previous month, which is subsequent to a NZD287 million deficit in January, thus topping the February surplus of NZD211 million speculated by analysts.