Spreadex Market Update
Bank of Japan did not hint at any additional easing
Japanese shares have ended the day slightly higher after the Bank of Japan did not hint at any additional easing. Japanese policy makers have pointed to accelerating inflation highlighting the progress made in its bid to stamp out 15 years of falling prices. Significantly, the dollar remains bullish trading at a 2-month high. This is owing to the fact that most economists expect the U.S. Federal Reserve to further trim its bond-buying next week.
Gold remains firmly under the spotlight after analysts at Morgan Stanley lowered bullion forecasts once again. The 2014 target has been cut 12 percent to $1,160 an ounce whilst forecasts for 2015 have been reduced 13 percent to $1,138. Analysts have cited gains in equity markets - thus reducing the need for haven assets - and increased regulation as main factors contributing to gold’s weakness. The commodity fell 28 percent in 2013 signalling the end of a 12-year bull run as Federal Reserve policy makers decided to cut monthly bond purchases, the biggest fall since 1981.
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