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The lead into the Asia session:
Forexlive Americas FX news wrap: Huge turnaround in ‘war’ trades
Yesterday we had an official
from the Bank of Japan warn on rising inflation. Today we had another
official there pointing out that import prices (yen-based index of)
were at their highest since 2008. Once again today the FX market
shrugged off these comments and sold the yen. One of the reasons, not
the only one, of course, is there is little prospect of core inflation
in Japan getting anywhere near the 2% Bank of Japan target in the near
future and thus little prospect of a tightening of policy. Any policy
changes, if any!, will be fiddling around the edges.
USD/CHF
rose alongside.
US 2 year yield
rose, further support.
EUR/USD
barely moved ahead of today’
s
European Central Bank decision and Lagarde’s presser.
AUD/USD
and NZD/USD traded round trips – a dip initially and since then the
retrace has left the two little net changed on the session. Cable is
down a few tics only.
Remarks
out of the United Arab Emirates (the Energy Minister) stating support
for the current OPEC+ framework of planned output rises saw oil
steady after Wednesday’s drop back.
Gold
is down just a few $$$.
Regional
equities followed the lead from Wall Street and rose on the session.
Speaking of equities Amazon announced a
stock
split (one to become 20) and a US$10bn buyback.