
Todays Free Forex Signal 27 01 2023
GBPAUD BUY 1.7455 SL 1.7250 TP 1.7615
Asia FX muted as PCE data looms, yen boosted by inflation
Most Asian currencies kept to a tight range on Friday in anticipation of the Federal Reserve’s preferred inflation gauge, while the Japanese yen rose as higher-than-expected Tokyo inflation readings fed into expectations for more hawkish moves by the Bank of Japan.
The yen rose 0.2% against the dollar and was among the best-performing regional currencies for the day, as data showed inflation in Japan’s capital rose to a new 41-year high in December. The reading heralds a similar rise in countrywide inflation, and is likely to invite more hawkish measures from the BOJ in the coming months.
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While the central bank ducked expectations for more monetary tightening measures during its January meeting, markets expect rising inflation to eventually force the BOJ’s hand.
Broader Asian currencies kept to a tight range as overnight data showed that the U.S. economy grew more than expected in the fourth quarter. While the reading helped ease concerns over an immediate recession, it also showed that the Federal Reserve has more economic headroom to hike interest rates.
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Focus also turns to the reopening of Chinese markets on Monday after a week-long holiday, with a slew of economic readings from the country also due next week.
China-focused currencies such as the Taiwan dollar fell 0.3% on Friday, while the Singapore dollar and the Thai baht fell 0.2% and 0.3% each.
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These are the three most traded currencies beside the US dollar. Minor pairs have a smaller market share compared to major pairs. Because of this they can exhibit lower market liquidity. Lower market liquidity will mean that a broker will give wider dealing forex spreads.
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