During today’s Currency Call, Gim Hong highlighted that the Bank of Japan (BoJ) held its monetary policy unchanged and interest rate at -0.10%. In the outlook report, the central bank revised its projected GDP for 2021 from 3.9% to 4.0% despite the recent spike in the number of COVID-19 cases. However, the BoJ highlighted that the outlook provided in the report is highly unclear and subject to change.
During their monthly meeting yesterday, the OPEC+ concluded to stick with the plan for a phased easing of oil production cut starting from May through July since the global economy is picking up and that oil prices are rising.
The FOMC meeting tomorrow at 0200 (SGT) may be uneventful as they may announce any changes to quantitative easing only in June’s meeting due to the projection materials that will be released in the next meeting.
Scott highlighted that the U.S. dollar index is sitting on the sideline at the moment until the FOMC announced their monetary policy decision. A short bias is still present in the dollar index.
Jin highlighted that the recent UK economic data releases have been positive. GBP/USD has been trading in a range recently. Thus, wait for a breakout before looking for trade opportunities.
During the day, GBP/USD moved indecisively.
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