- Heads up for CAD traders - BoC's Rogers speaking on Tuesday
- Japan chief cabinet secretary Hayashi has no comment on currency intervention
- Federal Reserve Bank of Minneapolis President Neel Kashkari speaks on Tuesday
- Bank of England Financial Policy Committee member Hall speaks on Tuesday
- Australian Q1 Retail sales -0.4% q/q vs. -0.2% expected
- PBOC sets USD/ CNY central rate at 7.1002 (vs. estimate at 7.2143)
- ICYMI - EU proposes sanctions on Russian LNG - would hit about a quarter of revenues
- Bank of England preview - on hold in May with expectations firming for a June rate cut
- Japan Jibun Services PMI for April 2024: 54.3 vs. prior 54.1
- Reserve Bank of Australia preview - more hawkish
- Wall Street Journal reports Apple is developing AI chips for data centres
- Japan's Kanda says no comment on Yellen's comments on FX
- UK Barclay card data shows annual growth in consumer spending weakest since February 2021
- Reports now that the assassination attempt on Saudi Crown Prince is fake news
- Bank of England preview - expect a change in the messaging in favour of rate cuts
- Citi CEO Fraser says low-income consumers have turned far more cautious with spending
- There are reports of an assassination attempt on Saudi Crown Prince Mohammed bin Salman
- Goldman Sachs continue to bang the 'two rate cuts this year' drum - this time the CEO
- Biden adviser: Sufficient supply in Strategic Petroleum Reserve to address supply concerns
- Forexlive Americas FX news wrap 6 May: US stocks extend gains from last week. USD mixed.
- RBA decision due Tuesday, 7 May 2024 at 2.30 pm Sydney time - hawkish hold?
- USDJPY stays above the 200 bar MA on 4-hour chart. Buyers in control above the MA.
- Trade ideas thread - Tuesday, 7 May, insightful charts, technical analysis, ideas
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda said he had nothing to say about US Treasury Secretary Yellen’s weekend comments on FX. If you missed Yellen’s comments check out the link above on Kanda for references to it, but, in a nutshell, she expressed little more than mild support for Japan’s intervention. The upshot is that Japan seems to be alone in its intervention efforts despite touting international cooperation.
USD/JPY rallied towards 154.30 before retracing its entire gain but then jumped even higher, to above 154.50.
More broadly, the USD lost a little ground during morning trade before gaining it all back. There was little fresh news.
From Australia we had Q1 retail sales data come in weaker than expected. The quarterly data has been down 5 times out the past 6. AUD/USD had rallied above 0.6640 with the softness for the US dollar early, but its since fallen back to lows around 0.6620 as I update. The Reserve Bank of Australia statement is due (at 0430 GMT / 0030 US Eastern time), followed by Governor Bullock’s news conference (an hour later). Expectations are that the Bank will hold the cash rate steady at 4.35%, revise near term inflation forecasts higher, leave further out projections unchanged, and sound more hawkish.
