Japanese Yen Declined, Japan to React on Trump’s Accusations
Japanese Yen has significantly dropped. Donald Trump began his 11-day Asia visit. But the President couldn’t help but making another controversial commentary, claiming that Japan harmed US trade. Trump is also about to come to South Korea, China, Vietnam and the Philippines. Haruhiko Kuroda (BoJ Governor) improved his outlook of Japan economy. Bank of Japan won’t extend the stimulus program.
William Dudley (New York Fed President) is going to resign after Jerome Powell takes over. This might be due to his friendship with Janet Yellen. It seems that after the new Chair comes to power, the policy will change. Mark Carney (BoE Governor) noted that if EU and UK don’t come up with a trade agreement, British economy will stage a massive downturn. Theresa May delivered a speech before the Confederation of British Industry. Prime Minister said: "I know how important it is for business and industry not to face a cliff-edge and to have the time it needs to plan and prepare for the new arrangements." And therefore, "a strictly time-limited implementation period will be crucial to our future success."
Australia TD securities inflation increased 0.3% mom in October. RBNZ 2 year inflation expectations reduced to 2.0% in the fourth quarter. Germany will announce factory orders. Eurozone will publish Sentix Investor Confidence, PPI and PMI revision. Swiss will show CPI. Canada will feature Ivey PMI. Reserve Bank of Australia as well as Reserve Bank of New Zealand will announce their rate. Banks are likely to stand pat.