ForexLive Asia-Pacific FX news wrap: USD/JPY moves higher again

• ANZ sticks to their forecast for a November 2024 interest rate cut from the RBA
• BOJ Governor Ueda will be keen to avoid the mistake of his predecessor, Kuroda, on Friday
• South Korea regulator head says does not know when to remove the short selling ban
• Japan chief cabinet secretary Hayashi: rapid FX moves undesirable, ready for full response
• ECB Board member Schnabel speaks on monetary policy on Thursday
• JP Morgan’s proprietary US Tactical Positioning Monitori points to promising S&P 500 setup
• PBOC sets USD/ CNY reference rate for today at 7.1058 (vs. estimate at 7.2472)
• The pace of the drop in the JPY not particularly alarming for the BOJ at this point
• Japan finance minister Suzuki says he won’t comment on FX levels
• Potential Bank of Japan yen intervention on Friday: USD/JPY on the radar
• Australia’s inflation nightmare – Australia’s inflation rate is the highest globally
• Goldman Sachs raises Brent crude oil price forecasts for 2024 and 2025
• Suez Canal shipping chaos: Iran-linked Houthi terrorist attacks spark inflation concerns
• US data focus for Monday – Q1 advance GDP – the range of expectations to watch (and why)
• Czech central bank vice-governor sees a rate cut, perhaps as much as 50bp, at next meeting
• Goldman Sachs are looking for a blockbuster Q1 GDP number, way higher than everyone else
• S&P 500 rate of earnings surprises the highest since Q3 2021
• BOA predicts USD/JPY surge to 160 as BoJ stands helpless
• A summary of the major earnings after the close. Chipotle, Ford higher. Meta gets hammered
• Latest China crackdown ICYMI – brokers told to limit exposure to “snowball” derivatives
• ServiceNow EPS $3.41 vs. $3.14 est. Revenues $2.60 billion vs.$2.59 billion est
• IBM EPS $1.68 vs $1.59. Revenues $14.46 billion vs $14.52B est.
• Chipotle EPS $13.37 vs $11.66 est. Revenues $2.70 billion vs $2.67B est.
• Forexlive Americas FX news wrap: USD/JPY cracks 155
• Meta Platforms EPS $4.71 vs $4.32 est. Revenues $36.46B vs $36.1B est.
• Trade ideas thread – Thursday, 25 April, insightful charts, technical analysis, ideas

It
was a light day for data and news flow.

Yen
was once again a focal point, with USD/JPY rising to 155.50 after
breaking 155.00 during US time on Wednesday. We had some jawboning
from Japanese officials that failed to halt the rise. The Bank of
Japan meet on Friday, the statement (due some time around 0230 to 0330
GMT / 2230 to 2300 US Eastern time) will be followed a few hours
later (0630 GMT / 0230 US Eastern time) by Bank of Japan Governor
Ueda’s news conference. Speculation continues that there will be
intervention, but that’s been the case for months now. Ueda may well take the opportunity to sound a little more hawkish and support the yen in that way.

Elsewhere
across major FX the moves have been held to tight ranges awaiting UP
GDP data on Thursday and PCE inflation on Friday.

Gold
dropped back under 2310.

Meta’s
stock price dived after its earnings announcement. The firm beat
consensus expectations for both sales and earnings. Concerns included a lighter-than-expected sales forecast for the current
quarter, and raised guidance for total expenses, citing
infrastructure investments needed to support its “AI road map”.

This article was written by Eamonn Sheridan at www.forexlive.com.