- Federal Reserve speakers on Thursday include Cleveland President Beth Hammack
- USD/JPY has (eventually) fallen following some verbal intervention from Japanese officials
- European Central Bank chief economist Philip Lane speaks again on Thursday
- Japan finance minister Kato says Rapid moves seen in recent FX market
- Japan official says watching for speculative FX moves
- Bank of England Governor Andrew Bailey and MPC member Catherine Mann speaking Thursday
- PBOC sets USD/ CNY reference rate for today at 7.1286 (vs. estimate at 7.1284)
- Heightening chance China now faces the prospect of a Japanese-style lost economic decade
- Bank of Korea official says IT exports slowing, and many uncertainties over exports
- Japan flash PMIs (October): Manufacturing 49.0 (prior 49.7) Services 49.3 (prior 49.6)
- Chinese state media reports that Apple (AAPL) to increase investment in China
- Morgan Stanley not sounding downbeat for S&P 500 in 2025
- UK car output fell for the seventh consecutive month in September
- South Korean Q3 GDP comes in well under estimates: +0.1% q/q (vs. +0.5% expected)
- USD/JPY is quiet - too quiet?
- UBS maintains its view on the USD: "Unattractive". Cite 3 reasons to sell rallies
- Australian flash October manufacturing PMI 46.6 (September was 46.7)
- 3 reasons the Bank of Canada cut by 50bp points (ditto for the RBNZ)
- Rabobank analysts see downside risks to Euro forecasts
- US stocks closed lower on the day but off their lows levels
- Forexlive Americas FX news wrap 23 Oct: Dollar moves higher but Beige Book tempers gains
- BRICS inventor says as a group BRICS has achieved very little over the past 15 years
- Trade ideas thread - Thursday, 24 October, insightful charts, technical analysis, ideas
Its was a subdued sort of session for major FX rates, characterised by a minor offer for the USD. AUD & NZD both added a few points, as did EUR and GBP.
After the USD/JPY surge in H1 of this week, topping above 153.00 on Wednesday near a 3-month high, the pair drifted a little lower on the session here.
We had ineffectual intervention-type remarks from Japan’s Deputy Chief Cabinet Secretary Kazuhiko Aoki. These were followed up a little later by Finance Minister Katsunobu Kato. Kato’s efforts were a little more blunt, using language including "one-sided, rapid" moves. This language is an escalation of the usual rhetoric and is taken to mean a bit more seriousness from authorities.
USD/JPY barely responded, dribbling off a few tics before (eventually) dropping a little more noticeably. Lows have been just under 152.40, so far. Not much of a drop really.
News and data flow otherwise was very slow. We had preliminary October PMIs from Australia and Japan:
- Australia manufacturing PMI 0.1 lower than in September, Services up 0.1
- Japan’s manufacturing and non-manufacturing both dropped notably from September
