The JPY is likely to trade with a firm undertone today in Asia as risk sentiment improved amid emerging signs of a bottom-out of the global economy and bets that the Bank of Japan would continue the loose monetary policy for come time to come. The Standard & Poor’s 500 Index rose for eight consecutive days, up 0.54% on Friday, while Nikkei 225 Stock Average reached the best level since April 2010 last week after data showed that the economic activities in China and Europe are stabilizing. Investors will also wait for the release of U.S. data and economic events there for implications for the U.S. economy and the monetary policy. The Fed will hold a two-day FOMC meeting between Jan. 29 and 30 and the Labour Department will release non-farm payroll data for January. U.S. non-farm payrolls, due Friday, are forecast to have risen 155,000 in January, the same rate seen in December. The rate moved from Y90.29 to Y91.19 on Friday.
EasyForexNews Research Team