1. Yen Weakens, Aussie and NZD Strengthen
The safe-haven yen fell versus its peers on Wednesday at the conclusion of the BoJ monetary meeting and as risk appetite marginally improved in Asian trading. As expected, the Bank of Japan kept monetary policy unchanged and trimmed its inflation forecast, with a larger-than-expected drop in December export data earlier in the day underlining the need for continued support for the trade-reliant economy. USDJPY edged higher on the news to last trade at 109.58JPY as of 8:25 GMT today. Meanwhile, the Australian dollar gained 0.35 percent against the JPY. In other news the New Zealand Dollar strengthened significantly on the back of the New Zealand Q4 CPI data which has come in at 1.9%, a beat of 0.1% Y/Y and then 0.1 % Q/Q, higher than expected 0.0% change and prior 0.9%. EURNZD plummeted 0.5% to last trade at 1.6737 as of 8:30 GMT.*
2. Gold Edges Higher On Safe-Haven Demand
Gold prices held steady on Wednesday, after rising the most since Jan. 9 the day before, on demand for safe-haven assets amid concerns over the slowing global economy along with uncertainty about the trade dispute between the United States and China. Spot gold was last seen trading slightly higher at $1,285.35 per ounce by 8:30 GMT.**
3. Goldman Sachs warns on Tesla
Goldman Sachs warned of some Model 3 growing pains for Tesla (TSLA) as the mix of sales at lower price points increased pressure margins even as the company’s overall headcount was recently reduced. “We believe that 2019 is shaping up to be another choppy year for Tesla and its shares as it navigates the US Federal Tax Credit phase-out and mix-down of its Model 3 program,” writes analyst David Tamberrino. “Ultimately we continue to see downside to consensus expectations over the coming years and expect the company’s shares to follow,” he adds.***
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*Source: Investing Jan 23, 2019 2:48 AM ET
**Source: Hacked Jan 23, 2019 3:53 AM ET
***Source: CNBC Jan 23, 2019 03:07 AM ET
