The Japanese Yen hit a 1-week trough versus the US Dollar today after the Japanese central bank said that it is considering additional easing measures, which would include yet another negative interest rate cut. Analysts expect the Bank of Japan to announce it intends to increasing holdings of Japanese sovereign debt at the upcoming policy meeting. Earlier this year, just after the June 23rd Brexit vote in the UK, the Yen had hit a 2 ½ year peak against the greenback, despite the massive efforts on the part of the BOJ to weaken the currency.

As reported at 10:37 am (BST) in London, the USD/JPY was trading at 102.63 Yen, up 0.12%; the pair has ranged from a session trough of 102.400 Yen to a high of 103.34 Yen. The EUR/JPY is higher at 115.3276 Yen, up 0.27%; the pair’s daily trading band ranges from a low of 114.8700 Yen to a peak of 116.0800 Yen.

Oil Price Drop Lifts Aussie and Kiwi

Commodity currencies, including the Aussie and Kiwi Dollars, staged a rebound after an overnight slide in the wake of a fall in the price of oil. The AUD/USD was trading at $0.7478, up 0.17% while the NZD/USD was trading at $0.7278, up 0.38%. The USD/CAD was flat at C$1.3163.