FOREX TODAY: BOJ UPHOLDS STATUS QUO WHILE THE US DOLLAR DECLINES

What you need know on Tuesday, January 23, is as follows:

Early on Tuesday, the US Dollar (USD) is not in high demand; during European trading hours, the USD Index fell below 103.00. Later in the day, the Consumer Confidence for January will be made public by the European Commission. The Richmond Fed Manufacturing Index for January will be included in the US economic docket, and later in the US session, there will be an auction of US Treasury notes with a two-year maturity.

The Bank of Japan (BoJ) after the January policy meeting, as anticipated. The 10-year Japanese government bonds and they both kept at 0% and -10bps, respectively. The yield curve control (YCC) approach was also maintained by the BoJ by permitting the yield on 10-year government bonds to increase to about 1.0%.

BoJ Governor Kazuo Ueda reaffirmed during the press conference following the meeting that they won't think twice about implementing further easing measures if needed. Ueda stated that the economy was growing in accordance with the BoJ's projections and that they will consider whether to maintain negative rates once the price target is within reach. The USD/JPY experienced bearish pressure and lost more than 0.5% per day until last trading just above 147.00.

CURRENT VALUE OF THE JAPANESE YEN

The Japanese Yen's (JPY) percentage movement against the main currencies listed today is displayed in the table below. The strongest currency versus the US dollar was the Japanese yen.

The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.

On Tuesday, NZD/USD gained positive momentum and moved above 0.6100. The Consumer Price Index for the fourth quarter will be released by Statistics New Zealand early on Tuesday during the Asian trading period.

On Monday, the EUR/USD saw slight daily losses before regaining momentum early on Tuesday. The pair was trading over 1.0900 and in positive territory at the time of publication.

After the lackluster trading on Monday, GBP/USD reversed north and moved toward 1.2750 on Tuesday morning in Europe. Public Sector Net Borrowing decreased to £6.8 billion in December from £12.7 billion in November, according to UK figures.

On Monday, gold moved in a narrow channel just above $2,020 and ended the day somewhat lower. With increasing bullish momentum, XAU/USD rose beyond $2,030 once more.