During today’s early trading session, Asian stocks traded higher as the Bank of Japan maintained its massive stimulus program, furthermore, positive Japanese data showing that yearly exports increased. Following the BoJ monthly report, the Yen rallied against the Dollar as officials stated that Japan’s economy is expected to “continue its moderate recovery trend”.
During the European session, the GBP/USD dropped to its lowest level since 2009 following mixed UK data. The Claimant Count Change showed that the number of unemployed people declined by 31,000, slightly better than the expected figure of -30,000.
During early U.S. trade, the Dollar is traded cautiously against the Euro as investors are currently listening closely to the FOMC statement, volatility is expected to pick up as officials discuss interest rate decisions and factors affecting the economic outlook. It is expected that a rate hike will take place mid-year as the U.S. economy continues to show improvement, this move could weekend the price of Gold as the commodity is considered bearish with raising interest rates.
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