ForexLive Asia-Pacific FX news wrap: USD/JPY tracks an 80 points range

• Japan will release July inflation data on Friday (tomorrow)
• USD/JPY to fall below 140 by the end of the year (MUFG)
• Bank of Korea Gov Rhee says inflation conditions are appropriate for a rate cut
• Here’s when we’ll get the full agenda of the Fed’s Jackson Hole symposium
• Bank of Korea hints at rate cuts to come
• Commonwealth Bank of Australia forecast a 25bp September Federal Reserve interest rate cut
• Reminder, Bank of Japan Governor Ueda will speak in Japan’s parliament on Friday
• PBOC sets USD/ CNY mid-point today at 7.1228 (vs. estimate at 7.1226)
• Bank of Korea leaves its base rate unchanged at 3.5%, as expected
• Japan data – August flash Manufacturing PMI 49.5 (prior 49.1) Services 54.0 (prior 53.7)
• Goldman Sachs looking for GBP/CHF to trade higher, target 1.16
• Survey of Australian firms shows warning of 100K job losses ahead
• Australia preliminary August PMI: Manufacturing 48.7(prior 47.5) Services 52.2(prior 50.4)
• TD says macro positioning data in gold appear to be flashing warning signs – downside risk
• BlackRock’s Reider says US rates too high – “Fed Funds rate remains far too restrictive”
• UBS on the Fed (September cut coming) and S&P 500 (target 6200)
• Reports that at least 3 major banks got the jobs revision prior to the public release
• Goldman Sachs economists are already forecasting Harris to win the election
• Forexlive Americas FX news wrap: Non-farm payrolls revisions cut 818,000 jobs
• Trade ideas thread – Thursday, 22 August, insightful charts, technical analysis, ideas

USD/JPY
traded in a more subdued range today. It ticked a little higher
towards 145.65 before losing some ground. As I post its mid-range
around 145.30 or so.

We
had Japan’s flash manufacturing purchasing managers’ index (PMI) data
for August. This showed continued contraction for manufacturing and
expansion for services at a faster rate.

The
USD added a few points pretty much across the major’s board, but
ranges were small. EUR, AUD, NZD all fell against the big dollar.
USD/CAD and GBP/USD are not a lot changed.

South
Korea’s central bank, the Bank of Korea, held its benchmark interest
rate unchanged at 3.5%, as was widely expected. The Bank signalled it
was ready to start easing policy as inflation pressures and growth have eased. Governor Rhee said the Bank did not cut today due to concerns
over financial stability risks. Analysts expect a cut at the Bank’s
October meeting.

Sheesh … describing an 80 point USD/JPY range as subdued.

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