ForexLive Asia-Pacific FX news wrap: Yen firmed early, then drifted back some

• Trump will be meeting with tech CEOs on Monday, signing Executive Orders after
• Japan recorded a current account deficit in January for the first time in two years
• There are no Federal Reserve speakers this week – it’s the pre-FOMC ‘blackout’ period
• European Central Bank’s Lagarde and Cipollone could be speaking today
• US state Utah has dropped its plan for a Bitcoin reserve
• South Korea to consult with the US on cooperation in shipbuilding, energy sectors
• ICYMI – Morgan Stanley and Goldman Sachs both lowered their US economic growth forecasts
• PBOC sets USD/ CNY reference rate for today at 7.1733 (vs. estimate at 7.2355)
• The yield on benchmark 10 year Japanese Government Bonds hit 1.535% (yen up too)
• Trump says government shutdown is possible, but he is confident it’ll be averted
• Japan data – January inflation adjusted real wages -1.8% y/y
• Trump says looking at a lot of things with respect to tariffs on Russia
• Bitcoin still seeing selling pressure, under US$81K
• Yen trading higher in the early hours, USD/JPY drops to 147.55 … 147.50 as I post
• There is a prospect that new Canadian Prime Minister Carney will call an election very soon
• Canada’s Liberal Party elect Mark Carney as new leader
• Here’s a EUR/USD forecast to 1.20 after the German fiscal bazooka lst week
• US Air Force intercepted 2 aircraft in restricted airspace near Mar-A-Lago on Sunday
• New Zealand’s Deputy Prime Minister Winston Peters to visit the United States this week
• Fed’s Daly said growing uncertainty among businesses could slow demand in the US economy
• Weekend – Lutnick says Trump sticking to US aluminum-steel tariff timeline
• Oil producers starting to hold back capital – “the opposite of what the president wants”
• Weekend: China’s housing minister said government to promote purchase of existing housing
• Trade ideas thread – Monday, 10 March, insightful charts, technical analysis, ideas
• Monday morning open levels – indicative forex prices – 10 March 2025
• Bitcoin falls below $83,000 as US bitcoin reserve news disappoints
• China inflation data: February CPI comes in at -0.7% y/y (expected -0.5%)
• Newsquawk Week Ahead: Week Ahead: US CPI, UoM, BoC, UK GDP and Norwegian CPI
• It gets even worse for Canada as China puts on tariffs
• Forexlive Americas FX news wrap: Solid US jobs headline, Powell says no hurry on rates

There was some political news, not impacting on FX really. Canada’s liberal party voted in ex-Bank of Canada Governor, and ex-Bank of England Governor, Mark Carney as new leader. Carney replaces Justin Trudeau, who has been Prime Minister since 2015.

The yen gained ground in early trade, with USD/JPY to lows around 147.10. Rising yields in Japan and a dip for those in US contributed to the lower USD/JPY. Wages data from Japan showed continued gains for nominal pay, rising at its fastest in 32 years, while real, after inflation, wages dipped on the month (for the first time in 3 months).
As I post the pair have bounced back above 147.60.

EUR/USD followed a similar timeline, higher early (above 1.0870 briefly) before pulling back. AUD and NZD followed a similar pattern.

Chinese equity markets are underperforming in the region, facing pressure from deflationary concerns after CPI data turned negative in February, for the first time in over a year. Meanwhile, trade tensions persist as China’s retaliatory tariffs, responding to the US’s March 4th tariff increases, come into effect today.

U.S. equity futures faced selling pressure at the opening for the new week on Globex, weighed down by tariff and economic growth concerns. Commerce Secretary Lutnick confirmed that new steel and aluminium tariffs will take effect on Wednesday.

Oil prices remained heavy but off its recent lows.

Bitcoin slumped further, down towards US$80K before staging a bounce back above $82.5K.

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