ForexLive Asia-Pacific FX news wrap: Awaiting the BoJ result on Wednesday

• 5 reasons the Bank of Japan should be wary of hiking rates this week
• Japan’s Hayashi says Bank of Japan and government to closely coordinate
• 📉 Chart of the day: Failed breakout in S&P 500 e-mini futures (ES) 4-hour
• Bank of Japan Decision Day: Will Rates Rise or Hold Steady?
• Australia data – June Building approvals -6.5% m/m (expected -1.5%)
• PBOC sets USD/ CNY central rate at 7.1364 (vs. estimate at 7.2586)
• Fake news headline – Elon Musk says he doesn’t like crypto all that much.
• 2 tweaks to watch for in Wednesday’s Federal Open Market Committee (FOMC) statement
• Australian weekly consumer confidence lower @ 83.1
• Japan data – June unemployment rate 2.5% (expected 2.6%)
• Global decline in McDonald’s sales is an excellent indication of how strong economies are
• 4 opportunities for the Federal Reserve to signal a rate cut – September a hot prospect
• Singapore’s Temasek plans to invest $30bn in the US over next 5 years
• China further obscuring information about overseas funds going in & out of its stock mrkt
• HSBC remains bullish on Asian equites
• Deutsche Bank on the Fed – “market has jumped the gun on a dovish pivot”
• MUFG worry that lack of BoJ guidance on this week’s meeting means no rate hike until Dec
• Forexlive Americas FX news wrap: US dollar starts out strong and then gives some back
• Broader indices close modestly higher. Dow down marginally.
• Trade ideas thread – Tuesday, 30 July, insightful charts, technical analysis, ideas

About
the only fresh news or data of note during the session were the
employment figures from Japan for June. The unemployment
rate fell to 2.5%, its
first drop in five months. Separate data showed the third consecutive
month of decline for
jobs to applicants, to a still huge 123
jobs available for every 100 job seekers.

USD/JPY
tracked a range between 153.63 and 154.24.

GBP
slid a little against the USD, as did CAD. AUD and NZD also a touch
soft but none of the ranges were large. EUR/USD dribbled a handful of
tics lower.

BTC/USD, too, dribbled a little lower.

The
Bank of Japan decision is due tomorrow. The statement is expected
sometime between 0230 and 0330 GMT (there is never a set time from
the BoJ) on Wednesday, July 31, 2024

• thatt’s
  2230 – 2330 US Eastern time on Tuesday, July 30, 2024

Bank
of Japan Governor Ueda follows up with his press conference at 0630
GMT (0230 US Eastern time).

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