Outlook

• Monetary Policy Statement (JPY): The BOJ is expected to keep its monetary policy unchanged at its meeting today. The central bank is likely to reiterate its commitment to maintaining a loose monetary policy in order to support economic growth. The meeting will start at 03:45 AM BST and is expected to finish at 05:00 AM BST.
• BOJ Press Conference (JPY): BOJ Governor Haruhiko Kuroda is expected to hold a press conference following the release of the monetary policy statement. Kuroda is likely to be asked about the central bank’s plans to address rising inflation. The press conference will start at 07:30 AM BST.
• Preliminary UoM Consumer Sentiment (USD): The University of Michigan Consumer Sentiment index is expected to show an increase from the previous month. The index is a closely watched measure of consumer confidence, and an increase could support the dollar. The index will be released at 03:00 PM BST.

Overall, the outlook for the USD and JPY is mixed today. The USD is expected to be supported, while the JPY is expected to weaken. However, the release of the preliminary UoM Consumer Sentiment index could provide some relief for the USD, while the BOJ’s monetary policy statement and press conference could provide some support for the JPY. Investors should monitor these events closely for any potential impact on currency markets.