- More Bank of Japan Governor Ueda: Sharp, one-sided yen fall undesirable, bad for economy
- Bank of England Governor Bailey and Chief Economist Pill speak Thursday
- Federal Reserve Bank of San Francisco President Mary Daly speaks Thursday
- Bank of Japan Governor Ueda says need to monitor FX
- Japan finance minister Suzuki: Rapid FX moves undesirable
- PBOC sets USD/ CNY reference rate for today at 7.1028 (vs. estimate at 7.2238)
- ICMYI - Fed's Collins warns of prolonged path to inflation target
- More 'no comment' comments out of Japan on intevention
- Bank of Japan Summary - Easy monetary conditions are expected to continue
- Japan data - Real wages down 2.5% y/y in March, down for 24 consecutive months
- Bank of England previews - what to focus on
- UK data - RICS House Price balance -5 in April vs. -2 expected and -5 in March
- Japan's Kanda says has no comments on intervention
- Deutsche Bank noting a 'unique event' coming up from the ECB and Fed - EUR implications?
- Brazil's central bank cuts its rate by 25bp
- Bank of England meet today. Bank rate to be left unchanged at 5.25% ... what to focus on
- Forexlive Americas FX news wrap 8 May
- A TV show in Japan says the Bank of Japan intervened in USD/JPY twice last week.
- US stocks mixed. S&P ends the day unchange in a dead heat
- Goldman Sachs oil price forecasts show Brent to average US$82 / barrel through 2025
- Trade ideas thread - Thursday, 9 May, insightful charts, technical analysis, ideas
The yen was once again here the focus was for Asia-Pacific FX. We had verbal intervention from Japanese officials today including:
- Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda
- Another official from the Ministry
- Finance Minister Suzuki
- Bank of Japan Governor Ueda
We also had published the ‘Summary of Opinions from the Bank of Japan’s April (25 and 26) monetary policy meeting. Of note in the report were comments from various board members indicating the body is closely looking at the impact of the weak yen on inflation and seeing the potential for faster rate hikes in the future (if forecasts are met).
Also from Japan were wages data for March, these were disappointing. For example, real (after inflation) wages fell for the 24th consecutive month. The Bank of Japan are awaiting wage rises to kick in to fuel a wage-price inflation spiral the Bank is betting on.
And so to USD/JPY. The pair fell back from the Wednesday highs around 155.65 after the data, Summary, and first bout of verbal intervention. USD/JPY hit lows briefly under 155.20 and then clawed its way back to a high circa 155.70. Its in the upper area of its day range as I post.
Elsewhere across major FX ranges were subdued with a lack of fresh news or data to act as a catalyst.
Still to come we have trade data from China and later the Bank of England Monetary Policy Committee decision (there are previews above, no change to the Bank rate is expected).
