FX Update: The majors have continued to hold narrow ranges
FX Update: The majors have continued to hold narrow ranges into the polarized risk event that is the French presidential election on Sunday. EUR-USD is holding in the lower 1.07s, consolidating after failing to sustain yesterday's run to a three-week high at 1.077. USD-JPY has settled around 109.00. The yen was briefly bid following news of the terrorist attack in Paris, which left two police dead, though impact proved limited. The yen subsequently dipped after BoJ's Governor Kuroda made dovish remarks during an interview with Bloomberg TV, where he said, "analysts will stick with yield curve control" and that "analysts think the current pace of purchases and monetary base increase will continue for some time." Not really anything new here, but the reaffirmation that the BoJ is sticking to its dovish course, which contrasts with the Fed, and even the ECB, was enough to prompt a wave of yen selling. USD-JPY logged an intraday high at 107.42 before impetus faltered, leaving yesterday's nine-day peal at 109.49 untested.