- European Central Bank President Lagarde speaking Wednesday. Panetta, de Guindos too.
- Crypto: Ripple obtains full license to operate in Singapore
- Japan chief cabinet secretary Matsuno: Will continue to take appropriate steps on FX
- Taiwan central bank says will intervene in the TWD if fluctuates dramatically against USD
- More from Japan's Kanda (Mr. Yen) - spoke with Prime Minister Kishida
- Japan fin min Suzuki says will not rule out any options against excessive moves
- NZD/USD marked lower after the RBNZ leaves rates unchanged, as expected
- RBNZ leaves its cash rate target unchanged at 5.50%, as expected
- Japan September Services PMI 53.8 (prior 54.3)
- The "adults in the room" are clueless. So maybe China is behind the rise in US long rates.
- US data focus for Wednesday is ADP jobs (September) and ISM Services PMI (also September)
- Japan's "Mr Yen" Kanda has no comment on whether Japan intervened in the FX market
- South Korea industrial output in August grew its fastest since June 2020
- ICYMI - Deutsche Bank said a euro area mild recession cannot be "ruled out"
- If FX traders liked USD/JPY at 150 they're gonna love it at 149!
- Australian final Service PMI (September) 51.8 (vs. prior 47.8)
- Yellen says US overdependent on China for critical supply chains
- US House of Representative in chaos. Patrick McHenry is new Speaker (temporary)
- Forexlive Americas FX news wrap: Strong JOLTS report sparks JPY intervention
- US House of Representatives vote McCarthy OUT of Speaker role
- Private oil survey data shows a much larger headline crude draw than was expected
- Doubleline hedgefund CEO Gundlach says he sees Fed rate cuts in H1 of 2024
- NASDAQ index equals its worst trading days since August 24
- Trade ideas thread - Wednesday, 4 October 2023
US political news dominated the Tokyo pre-open with Speaker of the House of Representatives, Kevin McCarthy, voted out of the position. One of his deputies has taken on the (interim) job while jockeying for the Speakership gets underway. There will be a vote for the position next Wednesday, the 11th.
News flow otherwise was light (I’ll get to the RBNZ in a moment).
USD/JPY digested the belting it got on Tuesday in the US, where it was smashed down to lows circa 147.30 before bouncing sharply. Japanese administration officials including Chief Cabinet Secretary Matsuno, Finance Minister Suzuki, and Vice Finance Minister for International Affairs Kanda all refused to confirm FX intervention. USD/JPY has cautiously tip-toed just a touch higher during the session to a high around 149.30. Kanda had talks with Japanese Prime Minister Kishida.
NZD/USD dropped after the announcement from the Reserve Bank of New Zealand of an unchanged cash rate target of 5.5%. While the decision was widely forecast the statement and minutes were not quite as hawkish as was expected. The Bank did not change their forward guidance compared to August.
China remains on holiday. Markets on the mainland reopen on Monday next week (the 9th).
The Monetary Authority of Singapore confirmed a major payments institution licence for Ripple.
Japan’s Nikkei 225 dropped 1.5% to a more than 4 month low.
NZD/USD fell after the RBNZ:
