- Chinese investors rushing offshore to make USD deposits - putting yuan under more pressure
- China's Finance Ministry urges the US to act to develop better trade ties with China
- ICYMI - OPEC chief says the search is on for new members on the oil cartel
- Shockingly strong jobs numbers from the US on Thursday - Goldman Sachs shrugs them off
- PBOC sets USD/ CNY reference rate for today at 7.2054 (vs. estimate at 7.2423)
- China state media says yuan will be defended if it depreciates too rapidly
- RBC have lifted their year-end forecast for USD/JPY to 150. Previously were at 145.
- Japan data: May inflation-adjusted wages down 1.2% y/y. May Household spending down 4% y/y
- More on BOJ Dep Gov Uchida and a July 'tweak': "We will continue YCC" for the time being
- "Mr. Yen" Sakakibara says USD/JPY could soar beyond 160 before intervention from the BOJ
- UBS says US equity market is too upbeat on the Fed achieving a soft landing for economy
- Meta launched a new Twitter. However, is it Important for the stock market?
- ICYMI - ECB's Nagel said rates will have to stay higher for longer
- BOJ Dep Gov Uchida says will maintain YCC to help continue easy monetary conditions
- WGC expects gold price to remain supported, cites rangebound bond yields & weaker dollar
- Nomura looking for higher USD/JPY in near term, but eyes on the BOJ and intervention risk
- Forexlive Americas FX news wrap: US dollar jumps on strong ADP and ISM services
- Trade ideas thread - Friday, 7 July 2023
- US major indices close lower, but it could have been worse
Major forex rates traded in small ranges only today as traders in the region assessed the stunning jobs numbers from the US on Thursday and what the implications may be for the nonfarm payroll report due Friday morning US time.
Data locally in the timezone was from Japan, showing negative real wage growth and sliding household spending. While the next Bank of Japan meeting is not until the end of this month (July 27 and 28) the data today does not suggest the Bank will be in a rush to tighten. Indeed, we had a report in Japanese media (Nikkei) today with remarks from Bank of Japan Deputy Governor Uchida saying "We will continue YCC" for the time being. Of course, this does not entirely rule out some sort of tweak to the policy.
USD/JPY traded down to lows circa 143.80 before rebounding to be just over 144.00 as I post.
News flow was barely noticeable.
The PBOC once again set the USD/CNY reference rate lower than was expected.
USD/CNH update:
