ForexLive Asia-Pacific FX news wrap: USD/JPY pops above 154.00, drops back

• Prepare for a Wave of Fed Speakers on November 12, 2024
• Bullish Forecast: S&P 500 to Hit 10,000 by 2030
• ICYMI-Russia considering merging its oil companies into world’s 2nd-biggest crude producer
• Bank of England / Bank of Finland speakers combine for a panel discussion Tuesday
• Fears for China on US tariffs are overblown
• China plans further cuts to house buying taxes to boost property sector
• USD/JPY testing towards 154.00
• PBOC sets USD/ CNY central rate at 7.1927 (vs. estimate at 7.1944)
• Buffett’s Berkshire Hathaway hoarding cash in a pattern seen before the financial crisis
• Australian October business confidence 5 vs. prior -2
• JP Morgan on surging stocks, crypto – the signs of rally fatigue to watch for
• ICYMI – PBOC Governor warned on yuan slide, will ‘guard against risk of overshoot’
• Rising Household Spending Trends in Australia: October Insights
• Australian monthly consumer confidence index for November +5.3% m/m (prior +6.2%)
• US inflation data this week expected to show core CPI moving sideways – risk ahead higher
• ICYMI – Japanese PM discussed wage negotiations with business and labour unions
• ICYMI – Japan Unveils $65 Billion Plan to Boost Chip and AI Industries
• Australian Consumer Confidence continues to trend up, but still deeply pessimistic at 86.7
• New Zealand data – October retail sales indicator lower again y/y
• Bitcoin up, gold down … why is gold plummeting?
• Forexlive Americas FX news wrap: Bitcoin soars to $87,000, euro hits lowest since April
• S&P, Nasdaq and Dow close at new records. Russell 2000 closes just short of a new record
• Trade ideas thread – Tuesday, 12 November, insightful charts, technical analysis, ideas

We
had a decent range for USD/JPY and yen crosses. USD/JPY
popped above 154.00 with no fresh catalysts seen. The top didn’t
last long though, the pair soon dropped back to be around 153.55 or
so as I post and net little changed on the day.

Data
points today were from New Zealand and Australia, with AUD/USD a net
loser on the session:

• Australia’s
  consumer confidence rose in November as consumers gained confidence in
  RBA rate cuts ahead (which may take some time!)
• Business
  confidence, too, moved higher, in the National Australia Bank
  October business survey. Business conditions were unchanged. Perhaps
  the best news from this surevey were indications that cost and
  product price pressures slowed further.

The
People’s Bank of China set the USD/CNY reference rate at its
weakest (for the yuan) since mid-September of last year.

Bitcoin
rose but has not yet hit the US$90K milestone.

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