Last week the price action was dominated by fundamentals:
- JPY strongest – all the gains after the central bank, Bank of Japan (BOJ), failed to meet market expectations by easing monetary policy (e.g. no additional QE and no interest rate cut)
- NZD strong – all the gains followed the central bank, Reserve Bank of New Zealand (RBNZ), failed to cut interest rates, disappointing NZD dollar bears.
- AUD weakest – all the week’s losses came right after the much lower than expected Aussie CPI release (increased the chances of an interest rate by the central bank – the Reserve Bank of Australia (RBA).