- China's Xi is meeting with Russian Prime Minister
- European Central Bank chief economist Lane is speaking on his euro area outlook today
- PBOC sets USD/ CNY mid-point today at 7.0966 (vs. estimate at 7.1300)
- PBOC Loan Prime Rates (LPR) remain unchanged at today's rate setting, as expected
- UBS analysts caution against getting too excited about the Bank of Japan doing anything
- Australia's leading index has risen to its highest since the middle of 2022
- Japan trade data for November shows both imports and exports fell
- Fed's Goolsbee cautions the market has gotten itself euphoric on likely Fed rate cuts
- US politics - Colorado Supreme Court disqualifies Trump from 2024 presidential ballot
- Fund Managers anticipate economic soft landing in 2023, switching from cash to equities
- Japan's government is raising its assumptions for budget interest rates much higher
- Trade ideas thread - Wednesday, 20 December, insightful charts, technical analysis, ideas
- Oil - private survey of inventory shows headline build vs. draw that was expected
- Forexlive Americas FX news wrap: USD/JPY gives some back
Major FX rates traded in subdued ranges here in Asia today. The intense focus on the Bank of Japan meeting yesterday gave way to an eye on the holiday period ahead for many traders and investors.
USD/JPY lost all impetus, sitting in a range around 143.75 to 144.00. Other major FX lost a few points against a very slightly stronger USD.
From the People’s Bank of China today we did get the monthly Loan Prime Rate (LPR) settings. The LPRs were set at 3.45% for the one-year and 4.20% for the five-year, both unchanged. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. So, no fresh monetary stimulus from the PBOC today.
The biggest news was in US politics. A state court in the US has said Trump is ineligible to be President. The political pundits I have seen on this widely expect the ruling to be overturned. There is a little more in the bullet point above if you are interested. Given what I’ve said about the dreary ranges here today the news failed to impact currencies.
USD/JPY since the Bank of Japan yesterday.