ForexLive Asia-Pacific FX news wrap: USD added on a few points across the majors board

• More on the BOJ meetings with JGB market players
• Japan finance minister Suzuki says fiscal discipline important
• Saudi crude oil exports to China to rise for the first time in 4 months
• European Central Bank’s Cipollone speaks on the digital euro on Tuesday
• Two Bank of England speakers on Tuesday – may not be much in these for traders though
• Australian June business confidence 4.0 vs. prior -3.0
• Bank of Korea Gov Rhee says disinflation expected to continue
• PBOC sets USD/ CNY mid-point today at 7.1310 (vs. estimate at 7.2676)
• Bank of Korea is expected to hold rates steady in July, cut to come in Q4
• Australia: Westpac consumer confidence index (July ): -1.1% to 82.7 (prior +1.7% to 83.6)
• RBNZ policy meeting Wednesday – preview – “little change to the neutral guidance”
• Ten investment bank forecasts for June US CPI. The median is Core @ 3.4% & Headline @3.1%
• Australian consumer confidence has fallen to its second lowest result for the year
• Here’s a forecast for USD/JPY to drop to 152 by the end of 2024
• UK data – June total sales -0.2% y/y *prior +0.7%)
• New Zealand – RBNZ shadow board recommends the Reserve Bank keeps OCR at 5.5% on Wednesday
• S&P 500 – Oppenheimer raised its year-end target to 5900, from 5500 previously
• Morgan Stanley’s Wilson says a 10% fall in S&P 500 by US election is ‘highly likely’
• Deutsche Bank says Trump presidency + China tariffs = EUR/USD @parity
• ICYMI – SNB likely to cut rates twice more this year to counter CHF strength
• US stocks – Q2 earnings season about to kick off – UBS looking for solidly higher
• ICYMI: Former Fed Kaplan says FOMC is going to position to cut in September
• A late rally pushes the S&P and NASDAQ to record levels once again
• Forexlive Americas FX news wrap: Gold sinks as China quits buying, GBP gives back gains
• Trade ideas thread – Tuesday, 9 July, insightful charts, technical analysis, ideas

It
was a subdued session for news, data and FX movement. We did get some
strength for the US dollar, but ranges were not large. USD/JPY
tracked above 161.00 but has dribbled back under as I post. USD/CHF
continued its steady rise, but has also dipped back a touch.

From
Australia we had the June National Australia Bank Business Survey,
indicating a lift
in business confidence, while
business conditions
continued
their trend
down. Weakness
was evident in orders,
capex & employment. More
in the bulleted item above.

The
Bank of Japan is holding in-person meetings with JGB market
participants; banks, securities firms and those buying bonds for
financial institutions, over the next couple of days. The meetings
are aimed at gauging a realistic pace for a reduction of its Japanese
Government Bond purchases. The Bank will be announcing the reduction
plan after its next meeting, on July 30 and 31.

We
await the testimony from Federal Reserve Chair Powell at 10am US
Eastern time Tuesday. We often get the text of his prepared remarks
published on the Fed’s website prior to his testimony. I’ve been
hitting F5 on it all day and, so far, nothing yet.

• How much more confident will Powell be on inflation?

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