- NZD and AUD traders heads up - New Zealand and Australia change clocks this weekend
- China's Caixin Manufacturing PMI for March drops into contraction at 48.1
- Goldman Sachs on Biden's oil reserve release - near term and further out impacts
- Goldman Sachs sounds the alarm on China's latest COVID-19 outbreak
- PBOC sets USD/ CNY reference rate for today at 6.3509 (vs. estimate at 6.3473)
- Japan is seeking clarity on the release of oil from reserves
- Australian housing finance data for March: Home loans -3.7% m/m (expected +1.5)
- Japan manufacturing PMI for March 54.1
- Japan ex-currency official says not good for the yen to keep dropping
- Japan says it not be exiting Sakhalin-1 and -2, Arctic-2 oil and gas projects with Russia
- Russia says it will respond to EU sanctions, warns EU on confrontation with Russia
- Japan finance minister Suzuki says FX stability is important
- BOJ Tankan report for Q1 2022: Headline Large Manufacturers index +14 (expected +12)
- COVID-19 outbreak is hitting Shanghai "harder than authorities have publicly disclosed"
- UK data - survey shows job ads fell in final week of March
- The new RBA Deputy Governor is Michele Bullock
- Australia - "The timing of the election is a complication for the RBA"
- UK Defence Intelligence update on Russia's war on Ukraine
- Australia (final) Markit Manufacturing PMI rises to 57.7
- "If the Fed don't hike by 50bp at the May FOMC meeting, they never will"
- Australia data - AiG Manufacturing PMI rises to 55.7 in March
- New Zealand March consumer confidence 77.9 (prior 81.7)
- Ukraine President Zelensky on situation in parts of Ukraine - remains extremely difficult
- Trade ideas thread - Friday 01 April 2022
- Goldman Sachs says almost no chance of US recession in next year. 38% chance in year after
- White House statement - There are no current plans for Biden and Putin to speak
- Forexlive Americas FX news wrap: PCE inflation misses estimates; Biden releases barrels
Its the first day of the new Japanese fiscal year. On approach to the end of the previous fiscal year (towards the end of March, just this week) repatriation of yen to Japan was part of the capping of USD/JPY. After highs just over 125 early this week USD/JPY has been trading lower. These repatriation flows have, of course, now completed as the old year rolled off. Japanese exporters remain natural sellers of USD/JPY but the extra selling flows have dried up. For today what that meant is a higher USD/JPY. Japanese importers, if they hadn’t bought already, were on the bid and have chased USD/JPY up.
As I post USD/JPY is making session highs nearly a big figure off earlier morning lows.
(Its making a liar out of me ... its up a 100 points now as I stick the chart in)
The new month has brought a flood of data; PMIs and the Bank of Japan Q1 Tankan amongst it.
News flow has been light only.
Away from yen we have had few notable moves. USD/CHF is a touch higher on the session. EUR/USD is barely net changed. Cable, AUD/USD and NZD/USD, too, not much net change.
Oil has languished barely off its overnight lows.
