FX Update: Narrow ranges have been prevailing in late-week trade
FX Update: Narrow ranges have been prevailing in late-week trade, with market participants lacking strong direction leads. EUR-USD has consolidated after dropping to a 17-day low at 1.1132 yesterday. USD-JPY climbed above 111.00 and to a fresh two-week peak at 111.27. EUR-JPY, AUD-JPY and other yen crosses also climbed as the yen underperformed. This came as stock markets in Asia managed to rebound. European and U.S. equity futures also rose, recovering after being rattled by the hawkish turns of the Fed and BoE this week. The BoJ left both its policy and economic assessment unchanged, as expected, though emphasized a determination to maintain accommodative policy in the face of low inflation despite an improvement in economic conditions.