ForexLive Asia-Pacific FX news wrap: Awaiting the US nonfarm payroll jobs report

• US non-farm payrolls data – the critical key ranges for estimates to watch
• JP Morgan favour gold and Bitcoin – the “debasement” trade
• Heads up for ECB speakers on Friday – Buch, Escriva, Centeno, de Guindos
• Standard Chartered says Bitcoin not a safe haven against geopolitical risk – gold is
• Bank of England Chief Economist Huw Pill to speak on “What’s next for the UK economy?”
• FX option expiries for 4 October 10am New York cut
• Japan economy minister Akazawa says aims to overcome deflation under Ishiba’s leadership
• Australian housing finance data, August 2024: Home loans +0.7% m/m (prior +2.9%)
• Japan finance minister Kato wants to boost support for low-income households
• Goldman Sachs preview US nonfarm payroll data Friday, October 4: +165K /jobless rate 4.2%
• Japan chief cabinet secretary Hayashi – PM Ishiba wants a comprehensive economic package
• JP Morgan say a 2nd Trump Presidency would be “more interesting” for Fed independence
• More on the end of the US dock strike – over for now anyway
• UK vehicle traders and manufacturers want strong fiscal incentives from government
• AUD/USD forecast to 0.71 this quarter – China stimulus, RBA rates among reasons for bid
• US dock workers agree to return to work – postpone strike action
• U.S. port employers are preparing almost 62% pay increase offer to striking dockworkers
• Reserve Bank of New Zealand rate cut next week, 97% chance of a 50 basis points
• Consensus for an October European Central Bank rate cut basically locked in
• Bitcoin price little changed on news of Satoshi Nakamoto name reveal
• Bitcoin creator Satoshi Nakamoto has been identified – will be revealed in a TV show!
• US major stock indices move lower ahead of the US jobs report
• Trade ideas thread – Friday, 4 October, insightful charts, technical analysis, ideas

From
Japan today we had a barrage of headline comments cross from

• Japan
  finance minister Kato,
• Japan chief cabinet secretary Hayashi,
• and
  Japan
  economy minister Akazawa.

These
were related to new Japanese Prime Minister Ishiba ordering the
preparation of a supplementary budget, i.e. more fiscal stimulus
efforts. Akazawa helpfully chimed in with a comment that the timing
of BOJ monetary policy change is important, it must align with
Japan’s broader goal of exiting deflation. A reminder to the Bank of
Japan of government endorsing loose policy!

USD/JPY
has net drifted a little lower on the session, seemingly more
influenced by the prospect of a supplementary budget than Akazawa
berating the Bank of Japan.

Hong
Kong equities rallied. As a reminder, mainland China is on holiday
and returns on Tuesday next week.

In
other news, Bitcoin creator Satoshi Nakamoto will have his real
identity revealed next week. Or so promotions for the TV show tell us
(see bullets above).

The
US East Coast / Gulf dock strike is over for now, a tentative deal
has been reached with workers returning to the job until January 15
(see bullets above).

Major
FX was subdued for the session as traders await the US NFP data
Friday at 8.30 am US Eastern time. New York Federal Reserve President
Williams will speak a half hour later.

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