FX Daily Wrap Up

The Japanese economy is looking for a rate hike in as little as 3 days. In the past few weeks, the Nikkei 225 index has gained 0.9 percent to reach 17,209.92, while the broader Topix Index has reached an eight-month high, up 1.1 percent to 1,704.58. Armed with abundant data and positive gains, the world is expecting the Bank of Japan to raise rates at the end of its two-day monetary policy meeting that ends on Thursday. The Yen has had strong gains against the US Dollar for the past year and has held steady against the Euro. The only decline is the current leader, Great Britain’s Pound. Looking ahead, the Yen is believed to be in range-bound trading with good liquidity, with the aforementioned rate hike the only foreseeable bump in the road. Currently, the USD/JYP is holding steady at 120.63 as we move into the Asian trading session. XPRESSTRADE Analyst David Hilgeman