- China's vice premier Hu Chunhua has called for full efforts to stabilise employment
- USD/JPY intervention unlikely ahead of 130
- RBA Financial Stability Review - important borrowers prepare for interest rate increases
- PBOC sets USD/ CNY reference rate for today at 6.3653 (vs. estimate at 6.3658)
- China state media threatens the US over visits to Taiwan
- China COVID-19 - Shanghai reports over 20K new infections
- Japan says it plans to reduce imports of Russian coal gradually
- Magnitude 5.7 earthquake offshore Taiwan
- Friday is packed with EU and ECB speakers
- Japan Prime Minister Kishida will hold a press conference Friday 08 April 2022
- Oil: Gulf Cooperation states express support for Yemeni talks with Houthi militias
- Reserve Bank of New Zealand monetary policy meeting next week - 50bp rate hike forecast
- Germany will need to use the full transition period to implement a ban on Russian coal
- ICYMI - ECB minutes out overnight - tip toeing to less dovish
- China - Shanghai's extended lockdown - "Containers are piling up at China’s biggest port"
- Forexlive Americas FX news: The dollar is stronger but there was plenty of ups and downs
- US official says discussion was had on the possibility of Finland and Sweden joining NATO
- US oil - New York will suspend its gasoline tax all for all of the second half of 2022
- Trade ideas thread - Friday 08 April 2022
Early in Asia trade USD/JPY popped through the round number it had been threatening to highs circa 124.20. The move was triggered by some short covering but has not been sustained. USD/JPY has slid back 50 or so points to around 123.70 and as I post is ticking back towards 123.90.
From Japan today we had further reports the country is moving towards limiting energy imports from Russia. The Japanese government says it’ll be moving to limit coal imports from Russia but will do so in a gradual fashion as it sources alternative supply. Japan is one of the world’s largest importers of energy; coal, gas, oil and more.
Japan’s Prime Minister Kishida will be holding a news conference at 0900 GMT. I haven’t a specific topic or topics he will be speaking on. I suspect further moves on sanctions on Russia will feature.
Major FX elsewhere has been subdued. EUR/USD is a few points lower (EUR/JPY notably slipping with the combined moves).
From Australia we had the Reserve Bank of Australia issue its latest Financial Stability Report. Nothing in this did anything to change the view of interest rate hikes ahead from the Bank.
Shanghai’s lockdown continues and case numbers mounted further again today.
