ForexLive Asia-Pacific FX news wrap: Rebound Day. For now anyway.

August 06, 2024 at 03:30AM

Japan chief cabinet secretary Hayashi says wage rises will spread in Japan

Bank of Japan Governor Ueda to attend parliament for hearing on stock market volatility

Australian job ads fall in July, the sixth straight m/m drop

Reminder – 4 huge events coming from the RBA: Policy decision, Bullock, Statement, Hunter

Japan finance minister Suzuki – Seeing bright aspects in Japan’s economy

PBOC sets USD/ CNY central rate at 7.1318 (vs. estimate at 7.1454)

Fed’s Dalys says labor market is slowing but not falling off a cliff

Korea Exchange halts trade now – circuit breaker

Japan stocks – Nikkei circuit breaker triggered already!

MUFG wary of a falling GBP, citing excessive long positioning

South Korean finance minister says will stabilize mkt if excess volatility

Japan wages data June 2024: Real wages +1.1% y/y for the first rise in 27 months

Japan data – Household spending for June -1.4% y/y (expected -0.9%)

BRC UK Retail Sales data for July is a very mixed result

Analyst calls for verbal intervention from the Federal Reserve

Morgan Stanley says markets are likely to remain vulnerable until we see 2 things

More from Fed’s Daly – monitoring labour market indicators carefully

BNZ can’t rule out an August Reserve Bank of New Zealand interest rate cut

UK Chancellor Reeves says wants to strengthen and deepen trade ties with the US

Fed’s Daly says minds are open to cutting rates in coming meetings

The 3 events driving the ‘stampede’ in markets and the buying opportunities created

Oil – Goldman Sachs base case is a US$75 floor for Brent crude, but see downside risk

Forexlive Americas FX news wrap: Risk assets crushed early but steady late

Broad sell off across the board. Every Dow component lower. Every S&P sector lower.

Bank of Japan deputy governor Uchida Shinichi to speak Tuesday (US time), August 6, 2024

Trade ideas thread – Tuesday, 6 August, insightful charts, technical analysis, ideas

After
Monday’s collapse in Japan’s Nikkei today was a case study in
‘Turnaround Tuesday’. The Nikkei 225 surged as soon as the cash
market opened, so much so that a circuit breaker trading halt was
called in futures after the rapid opening jump higher. The Nikkei
continued to rise. The yen slipped lower, with USD/JPY rising to
around 146.50 before dropping back.

Some
of the credit for the stabilisation of markets can probably go to
Federal Reserve Bank of San Francisco President Mary Daly. Daly spoke
in measured terms, saying rate cuts lie ahead in coming meetings,
that the labour market is slowing but “not falling off a cliff”,
that policy needs to be pro-active, and other soothing remarks.

From
Japan today were data showing workers’
real wages rose for the first time in more than two years. This
is a precursor (but not a guarantee) to a
recovery in consumption and the emergence of a positive growth cycle
long sought after
by
Bank of Japan
and other officials.

Still
to come is the Reserve Bank of Australia policy decision and
accompanying statement, the quarterly Statement on Monetary Policy
(SoMP) and Reserve Bank of Australia Governor Bullock’s press
conference. A ‘hawkish hold’ is expected from the Bank.

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

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