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[MARKET ANALYSIS] FX muted, USD/JPY tops 159.55 ahead of BoJ rate decision

The muted FX market reflects a consolidation phase as traders await the Bank of Japan's (BoJ) rate decision.

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[MARKET ANALYSIS] Fixed income contained, with focus now on the BoJ and its outlook report

[MARKET ANALYSIS] FX muted, USD/JPY tops 159.55 ahead of BoJ rate decision

PREVIEW: BoJ Announcement due Tuesday 28th April 2026 from 03:30BST / 22:30EDT (Monday)

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  • DXY trades flat, consolidating after Monday’s selloff in which the basket fell back below 98.50. In recent trade, the index has bounced off its 98.43 low following comments by US officials stating that US President Trump is unhappy with the Iranian proposal, as nuclear talks have seemingly been pushed aside.
  • EUR/USD oscillates in a tight 1.1708-1.1727 range as markets await a busy central bank docket. The euro has weakened in recent trade, as the greenback firms.
  • GBP/USD grinds lower amid the stronger greenback. UK politics have been front and centre in recent sessions, with the latest update in Monday’s session stating that UK PM Starmer will be subject to a vote on whether he should be referred to the Privileges Committee, a headline in which pressure was seen in GBP/USD. Currently, cable trades at the lower end of a 1.3525-1.3541 range.
  • USD/JPY rotates in a 159.31-159.55 range ahead of the BoJ rate decision, in which policymakers are expected to keep rates unchanged at 0.75%. Japanese data failed to move the Yen, after the unemployment rate ticked higher to 2.7% from 2.6% (exp. 2.6%).
  • Antipodeans outperform slightly, managing to hold onto Monday’s gains.
Context

With USD/JPY nearing its recent highs, the expectation of rates being held unchanged suggests limited movement post-announcement, but a deviation from this could impact the yen significantly and affect broader market sentiment.

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