ForexLive Asia-Pacific FX news wrap: Huge swings for yen crosses

August 01, 2024 at 04:42AM

Bank of England Chief Economist Pill speaks on Thursday

Marubeni CFO says expects a limited impact from the Bank of Japan rate hike

China’s State Planner Vice Head says will actively expand domestic demand

Japan chief cabinet secretary Hayashi says important for FX to more in stable manner

Bank of England meet Thursday, rate cut expected, but a ‘hawkish’ cut

China Caixin Manufacturing PMI for July 2024 49.8 (expected 51.5, prior 51.8)

Australian Q2 2024 Import price Index +1.0%q/q (expected -0.7%) Export -5.9% (exp -5.3%)

Australian June Trade balance: Surplus of AUD5589mn (prior 5773mn surplus)

PBOC sets USD/ CNY reference rate for today at 7.1323 (vs. estimate at 7.2167)

Japan spent $36.8 billion on foreign exchange market intervention in July

Japan July Manufacturing PMI (final): 49.1 (prior 50.0)

PBOC is expected to set the USD/CNY reference rate at 7.2167 – Reuters estimate

China – Henan province named 25 indebted and feeble local banks to be merged

South Korean finance minister says will swiftly act to stabilize financial markets if need

Jp Morgan looking for a cascade of Federal Open Market Committee (FOMC) rate cuts ahead

Australian July Manufacturing PMI (final) 47.5 (prior 47.2)

Wall Street Journal – Fed made an important pivot, cleared path for a September rate cut

Bond king Jeffrey Gundlach said the Federal Reserve should have cut rates on Wednesday

Ukraine’s government will suspend foreign debt payments, beginning 1 August 2024

Bank of America says oil’s Bermuda triangle is nearing an end

Forexlive Americas FX news wrap: What a day, it had everything

US stocks post biggest one-day gain since February to finish the month near flat

Meta and Qualcomm jump after earnings

Trade ideas thread – Thursday, 1 August, insightful charts, technical analysis, ideas

USD/JPY
and yen crosses had another day of large swings after the Bank of
Japan decision on Wednesday to raise rates and the signs from the US
Federal Reserve that a rate cut from them is as close as September.

From
above 150 in the morning USD/JPY fell to around 148.50 before surging
back to around 149.80. We had data from Japan today, but that’s not
what mainly moved the yen. We also had some commentary from Japan
chief cabinet secretary Hayashi about FX moving in a stable manner.
But he was just going through the motions, Japanese authorities are
happy that the yen is not weakening as it was only a few weeks ago.

Other
major FX traded in a much more subdued manner. Gold moved towards
$2460 but has since come back to around $2440. Bitcoin remained
heavy, its under USD64K as I post.

US
equity index futures continued their bounce back, adding to their
gains from Wednesday.

This article was written by Eamonn Sheridan at www.forexlive.com.

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