This morning the Bank of Japan (BoJ) announced that they kept interest rates on hold at between 0% and 0.1% as expected and decided against any further ‘financial easing’. Following this announcement the BoJ stated that the world’s third largest economy is expected to expand by 2.2% before March 2013 which was down compared from the previous projections which they put down to the uncertainty in Europe and America which they believe is likely to drag on for some time. The markets took this news well and as a result we saw the Yen gain over close to 1% against Sterling. If you have an upcoming JPY currency requirement make sure you speak to one of our experienced currency brokers here at Foreign Currency Direct so they can talk you through your requirements and talk you through all the options available to you.
Across the Pond in America the Federal Reserve kept the possibility of further Quantitative Easing open but did state that for any further QE to take place the US economy would have to weaken. Recently we have seen US Dollar strengthen against Sterling as more and more money has been pumped into the States following the continued Euro debt crisis. If you are looking to sell US Dollars the current exchange rates could present some excellent opportunities so make sure you speak with us today.
In Australia this morning we have seen some weaker than expected employment data showing that unemployment had increased to 5.2% which as a result led to Australian Dollar weakness, which although is still strong against the Pound did witness a small rally following this data release. While the current trend on Sterling Australian Dollar is negative for those looking to buy Australian Dollars this short term spike may be worth making the most of.