ForexLive Asia-Pacific FX news wrap: Gold higher, Shanghai margin rates increased

• Bank of Korea Governor Rhee says oil prices will continue higher than expected
• Japan finance minister Suzuki says its up to the BOJ to handle their ETF holdings
• Federal Reserve speakers Friday include Schmid, Bostic and Daly
• Bank of Korea says its too early to be confident inflation will converge on target level
• PBOC sets USD/ CNY reference rate for today at 7.0967 (vs. estimate at 7.2365)
• Gold hits (another) record high
• Singapore’s central bank leaves policy unchanged, as expected
• Singapore Q1 GDP +2.7% y/y (expected 3%)
• Japan finance minister Suzuki won’t rule out any steps to respond to disorderly FX moves
• Chinese Premier Li Qiang to visit Australia in June
• RBC expects a December Federal Reserve rate cut (were previously tipping June)
• New Zealand March data – food price inflation and retail sales both down
• Deutsche Bank expects a December Federal Reserve rate cut (were previously tipping June)
• New Zealand March Manufacturing PMI contracts for the 13 month in a row
• Bank of America expects a December Federal Reserve rate cut (previoulsy were tipping June)
• International Monetary Fund (IMF) says the Fed should be able to cut rates by end 2024
• New York Fed President Williams jacked up his PCE inflation forecast for 2024
• FX option expiries for Friday, 12 April 2024 at the 10am New York cut
• Morgan Stanley says US stock rally is disconnected
• Here’s how to pick a number for USD/JPY intervention (& also how intervention will happen)
• Biden threatens China over attacks on Philippines’ vessels – mutual defence treaty
• Forexlive Americas FX news wrap: ECB holds rates but hints at coming cuts
• US equities bounce back bigtime
• Trade ideas thread – Friday, 12 April, insightful charts, technical analysis, ideas

Gold
was a mover again, extending its uptrend even higher.
Shanghai
Exchange raised its margin ratio and also increased the limit on
price fluctuation to 8% from 7%.The moves coincided with a top in gold on the session and its just under US$2,900 as I update.

We
had verbal intervention comments from Japan’s Finance Minister
Suzuki. He added a new twist to his regular script by saying there is
a chance that FX will be discussed at next week’s G20 meeting. At the
margin this is slightly more aggressive jawboning. USD/JPY is off its
recent highs in a small range on the day.

In
regional central bank news both the Bank of Korea and the Monetary
Authority of Singapore (SG’s central bank) left policy unchanged.

Apart
from the yen and gold moves, major FX traded in tight ranges only.
Even USD/CNH tracked a small range only.

Gold, hourly candles:

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