The risk mood has spilled over into FX where high beta currencies are underperforming somewhat while the Japanese Yen (JPY) and Swiss Franc (CHF) are leading gains among the majors, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
JPY outperforms on the day
“The JPY got an added kicker from BoJ Governor Ueda who kept the door open to higher policy after today’s hold decision. Ueda noted that the domestic political backdrop would not stop the central bank from tightening policy.”
“Swaps reflect a little more risk of a 10bps tightening (8.5bps priced in) for the December BoJ decision.”
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