Federal Reserve speakers on Thursday include Cleveland President Beth HammackUSD/JPY has (eventually) fallen following some verbal intervention from Japanese officialsEuropean Central Bank chief economist Philip Lane speaks again on ThursdayJapan finance minister Kato says Rapid moves seen in recent FX marketJapan official says watching for speculative FX movesBank of England Governor Andrew Bailey and MPC member Catherine Mann speaking ThursdayPBOC sets USD/ CNY reference rate for today at 7.1286 (vs. estimate at 7.1284)Heightening chance China now faces the prospect of a Japanese-style lost economic decadeBank of Korea official says IT exports slowing, and many uncertainties over exportsJapan flash PMIs (October): Manufacturing 49.0 (prior 49.7) Services 49.3 (prior 49.6)Chinese state media reports that Apple (AAPL) to increase investment in ChinaMorgan Stanley not sounding downbeat for S&P 500 in 2025UK car output fell for the seventh consecutive month in SeptemberSouth Korean Q3 GDP comes in well under estimates: +0.1% q/q (vs. +0.5% expected)USD/JPY is quiet – too quiet?UBS maintains its view on the USD: “Unattractive”. Cite 3 reasons to sell ralliesAustralian flash October manufacturing PMI 46.6 (September was 46.7)3 reasons the Bank of Canada cut by 50bp points (ditto for the RBNZ)Rabobank analysts see downside risks to Euro forecastsUS stocks closed lower on the day but off their lows levelsForexlive Americas FX news wrap 23 Oct: Dollar moves higher but Beige Book tempers gainsBRICS inventor says as a group BRICS has achieved very little over the past 15 yearsTrade ideas thread – Thursday, 24 October, insightful charts, technical analysis, ideas
Its
was a subdued sort of session for major FX rates, characterised by a
minor offer for the USD. AUD & NZD both added a few points, as
did EUR and GBP.
After
the USD/JPY surge in H1 of this week, topping above 153.00 on
Wednesday near a 3-month high, the pair drifted a little lower on the
session here.
We
had ineffectual intervention-type remarks from Japan’s Deputy Chief
Cabinet Secretary Kazuhiko Aoki. These were followed up a little
later by Finance
Minister Katsunobu Kato. Kato’s
efforts were a little more blunt, using language including
“one-sided, rapid” moves. This
language is an escalation of the usual rhetoric and is taken to mean
a bit more seriousness from authorities.
USD/JPY
barely responded, dribbling off a few tics before (eventually)
dropping a little more noticeably. Lows have been just under 152.40,
so far. Not much of a drop really.
News
and data flow otherwise was very slow. We had preliminary October
PMIs from Australia and Japan:
Australia
manufacturing PMI 0.1 lower than in September, Services up 0.1Japan’s
manufacturing and non-manufacturing both dropped notably from September
This article was written by Eamonn Sheridan at www.forexlive.com.
