The Japanese yen fell to its weakest level in almost seven years versus the US dollar following an unexpected move by the Bank of Japan to increase its monetary stimulus to combat lower than desired inflation.
Overnight we have seen Chinese PMI data fall unexpectedly to 50.8 from 51.1 causing commodity backed currencies to come under pressure.
The economic calendar is very busy for the rest of the week. The Reserve Bank of Australia meets this week but no policy change is anticipated and we will also have key labour data released from both New Zealand and Australia.
The Governor of the Bank of Canada will be speaking twice this week and we will also see a raft of data released including trade balance figures, labour data and PMI figures.
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