Asian equity markets were resilient on Tuesday which curbed immediate yen demand, but confidence is still liable to be very fragile.
The Bank of Japan is unlikely to adjust interest rates at Wednesday’s policy meeting. There will be pressure for the bank to extend the quantitative easing and this may weaken the yen slightly, although global risk conditions will still tend to dominate and the Japanese currency weakened to the 93.20 region on Tuesday.
The dollar fluctuated around the 93 level in Europe with the US currency unable to make a challenge on significant resistance levels before pushing to 93.60 following better than expected results from Intel.
By: Darrell Jobman
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