The Canadian dollar was just about flat early Wednesday, but the yen certainly felt the impact of the Bank of Japan’s latest, and surprising, easing move.
The loonie was more than half a penny above $1.02 (U.S.), said senior currency strategist Camilla Sutton of Bank of Nova Scotia, with the U.S. dollar slightly stronger.
The Bank of Japan surprised investors by pumping ¥10-trillion more into its stimulus program in the wake of the Federal Reserve’s latest round of quantitative easing.
The yen immediately weakened, though gained back some ground. Adam Cole of RBC Europe said he believes the Bank of Japan program will be “largely irrelevant” for the yen.
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