- A slap in the face for the BOJ - says it received no bids for 10-year JGBs
- Japan finance minister Suzuki says Japan cannot confiscate foreign reserves at the BOJ
- Australia data - NAB quarterly business confidence for Q1 2022 comes in at 14 (prior 19)
- USD/JPY surging with the BOJ in the (JGB) market
- PBOC sets USD/ CNY reference rate for today at 6.3732 (vs. estimate at 6.3719)
- BOJ offers to buy an unlimited amount of 10-year JGBs. USD/JPY pops.
- Tesla has halted production in Shanghai for four day due to the city lockdown
- ICYMI - Shanghai, China's financial hub, is in lockdown from today, Monday 28 March 2022
- Bank of England Governor Bailey speaks Monday 28 March 2022
- Reports say that amidst the lockdown in Shanghai, China, its ports are to remain open 24/7
- Offshore yuan is trading weaker - Shanghai lockdown weighing
- Tesla has halted production in Shanghai due to the city lockdown
- US President Biden says he was not calling for regime change in Russia
- Oil - Iran says a nuclear deal agreement is Close. Not its not, says the US.
- Oil - Sunday evening US time futures trade has opened, oil price lower
- German Chancellor Scholz comments on energy independence, defence (missile shield)
- China has cancelled a $500 million investment in Russian gas
- Kim Jong Un says North Korea will keep developing 'formidable striking capabilities'
- Trade ideas thread - Monday 28 March 2022
- BTC above USD 46K
- Reminder - The UK and much of Europe changed clocks to daylight saving over the weekend
- China data - January-February industrial profit +5.0% y/y (prior, December, +4.2%)
- Coronavirus - Shanghai lockdown begins today (Monday 28 March 2022)
- Monday morning open levels - indicative forex prices - 28 March 2022
- Biden comments about Putin draw warnings and will raise the temperature this week
USD/JPY (and yen crosses .. but mainly USD/JPY) climbed during the session. The Bank of Japan said it’d be offering an unlimited amount of Japanese Government Bonds at 0.25% (part of its yield curve control program and also of its massive ongoing monetary policy looseness). The BOJ target for the 10-year JGB is around zero %. This triggered the big selling of yen. USD/JPY took out barrier options at 122.50 and traded to a high above 123.00, its highest since late 2015.
M re widely across the major FX board the USD was stronger also. EUR/USD slid further under 1.10 even as UST yeilds have surged with calls for higher Fed rate hikes at the next upcoming FOMC meetings (May and June). Cable fell also. AUD and NZD were a little more mixed, falling against the USD but finding some bidders to hold both not a lot changed on the session.
Gold is lower, as is oil. There were conflicting reports out of Iran and the US on the nuclear deal talks. Iran was positive on an agreement, the US was not (see bullets above for more ) .
Regional stocks are mostly down on the session. Higher yields, Shanghai lockdown, the approach of the month-end all cited as factors.
Bitcoin climbed early in the session and has held the gain.
Added - as I post the US Treasury yield curve has inverted for the first time since 2006. With the Fed about to embark on a series of further rate rises after the lift off hike this month expectations of a recessioan ahead are rising.
