JPY pushes lower by dovish BoJ pulling back on tightening clarity – Scotiabank

The Japanese Yen (JPY) is weak, down 0.9% against the US Dollar (USD) and underperforming all the G10 currencies in response to the BoJ’s latest policy meeting, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD/JPY is extending its bounce off of the 140 support level

"The BoJ’s Target Rate was left unchanged at 0.50%, as expected. However, markets participants are responding to the central bank’s downgraded growth and inflation forecasts as well as an extension of the time horizon over which it expects to reach its 2% inflation target."

"Gov. Ueda’s press conference stressed uncertainty arising from US tariffs and offered no clear sense of timing around the next anticipated rate hike. The second round of US/Japan trade negotiations is set to continue through the end of the week."

"USD/JPY is extending its bounce off of the 140 support level and pushing toward 145. We look to near-term resistance around 147.50 and anticipate significant resistance around the 200 day MA near 150."

May 1, 2025

GBP quiet despite improvement in manufacturing PMI – Scotiabank

The Pound Sterling (GBP) is entering Thursday’s NA session flat against the US Dollar (USD), outperforming all the G10 currencies with the exception of Euro (EUR), Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD's safe haven appeal fades as trade war backfires – Rabobank

Uncertainty may be a prevailing theme of the Trump presidency, but over the past month a number of lessons have been learnt which will likely have an ongoing impact on both the behaviour of politicians as well as investors.