- New Zealand credit card spending for March 3.4% y/y (vs. expected 0.9%)
- US - weekend storms in Bakken oil patch - estimates daily oil output down as much as 60%
- Former Japan MoF FX head says does not believe govt wants yen intervention right now
- On PBOC FX reserve cut: "should not be confused with a supportive policy for the economy "
- Morgan Stanley has cut its China 2022 GDP growth forecast to 4.2%
- Japan's fin min says FX stability is important, rapid moves are undesirable
- Beijing has expanded COVID-19 testing to the whole of the city
- PBOC says it will increase prudent monetary policy support
- PBOC sets USD/ CNY central rate at 6.5590 (vs. estimate at 6.5585)
- Japan fin min Suzuki says no truth to reports to Japan / US joint FX intervention
- Early preview of the RBA May (3rd) meeting
- The US Senate will vote on Brainard's nomination to Vice Chair of the Fed on Tuesday
- More comments from the IMF, this time on the BOJ and the weak yen
- Japan March unemployment rate 2.6% (vs. expected 2.7%)
- IMF sees larger slowdown for China, Asia stagflation
- MUFG maintains a bearish bias on the EUR in the near-term
- Fed Vice Chair nominee Brainard vote clears a procedural hurdle
- The UK will cut tariffs on all goods from Ukraine to zero
- Russia's Lavrov says NATO is engaging in war with Russia
- Trade ideas thread - Tuesday 26 April 2022
- EUR impact likely from the French election coming in June (yes, another French election)
- Nomura expects another cut to the People's Bank of China's FX reserve requirement
- Russia's Lavrov says risks of a nuclear war are serious and real
- Forexlive Americas FX news wrap: Falling yields breathe life into the risk trade
- Rebound day for the major US indices.
- Russia's Lavrov says situation in Ukraine will end with a treaty, content will depend
There was plenty of information flow swirling during the Asia timezone.
Early in the session Russian Foreign Minister Lavrov warned of serious and real risks of nuclear war. Market response seemed subdued and jaded.
Musk’s purchase of Twitter continued as a hot topic.
USD/JPY dropped for late US levels circa 128.15 to lows just under 127.40. It stabilised in the a 40/60ish range and has since clawed back towards 128.00. The Japanese finance minister said reports the US and Japan had discussed joint intervention were false (these reports did the rounds last week). Minister Suzuki went on with familiar comments about wanting stable FX and a not rapidly dropping yen.
The USD lost ground against EUR, AUD, NZD, GBP, CAD. Oil gained further and even gold has inched just a touch higher. The USD is a little net heavier on the session.
The People’s Bank of China said it’d be providing further monetary support to the real economy. The Bank cut its FX RRR (this is not the RRR cut we are looking for) as a yuan-supportive measure (both CNH and CNY were on the weak side of the ledger again today but have stabilised somewhat and as I update CNH has ticked a little higher). Chines equities found a wee bid on the day.
Offshore yuan update:
