- More on Japan's government $500mn investment in onshore chips manufacture
- Japan's PM Kishida will meet with US President Biden on the weekend, China's Xi next week
- Recap of BoC Macklem on layoffs likely to increase in the months ahead
- WSJ Fed insider reports financial conditions easing 50 bp on Thursday (via Goldman Sachs)
- Trump's 'big announcement' on November 15 - time set for 9pm ET
- Crypto platform BlockFi is halting client withdrawals
- US allows some energy-related transactions with a number of Russian entities until May2023
- PBOC sets USD/ CNY reference rate for today at 7.1907 (vs. estimate at 7.1890)
- Beijing's COVID cases have jumped to the highest in more than a year
- The Securities Commission of the Bahamas says its frozen the assets of FTX
- Japanese Finance Minister Suzuki with some verbal yen support - will respond to FX moves
- Japan govt to invest up to 70bn yen in state-backed semiconductor development, production
- PBOC is expected to set the USD/CNY reference rate at 7.1890 – Reuters estimate
- Japan data - October PPI +0.6% m/m (expected 0.6%)
- Reports that FTX CEO Sam Bankman-Fried arrested on the tarmac at airport in the Bahamas
- Japan's Kanda says watching FX market moves closely - will take steps as needed
- UK Q3 GDP due Friday, 11 November 2022, preview: "should signal the start of a recession"
- Barclays target USD/JPY as low as 131 (in 12 months)
- FX option expiries for 11 November 2022 at the 10am New York cut
- ICYMI - China's plunging loan growth reflects weak loan demand & the weak economy
- BoC Gov. Macklem says job losses are likely to increase in the months ahead
- New Zealand data - Food Price Index October +0.8% m/m (prior +0.4%)
- New Zealand data - BusinessNZ Manufacturing PMI for October slumps into contraction
- ICYMI: UK treasury confirms will not allow insurers to cover ships carrying Russian oil
- Major US indices have a huge day higher as CPI inflation comes in lesson expectations
- UK austerity drive - 3 year spending freeze planned
After the huge losses for the US dollar after the cooler-than-expected CPI report for October we had retracement moves here in the Asian timezone. EUR, AUD, GBP, NZD; all fell back somewhat against the big dollar.
But the yen was particularly notable. USD/JPY rose to circa 142.48. We had remarks out of Japan, both Finance Minster Suzuki and his underling, head of FX at the Ministry, Kanda, to the effect of not wanting rapid FX moves – the usual sort of lower-tier verbal intervention.
There was very little impactful news nor data during the timezone. The focus was on digesting the US CPI data from Thursday. There were developments in the crypto space as the reverberations from the FTX implosion continued. Notably, crypto platform BlockFi announced that it would halt withdrawals, blaming "lack of clarity" on FTX and its affiliated companies.
