ForexLive Asia-Pacific FX news wrap: USD/JPY takes a quick peek under 154.00

• ECB speakers Thursday include Schnabel, Centeno, Simkus and Vujcic
• Fed speakers Thursday include Bowman, Williams, Bostic
• PBOC Governor Pan met with Federal Reserve Chair Powell
• The PBOC and FX officials will hold a news conference in China soon (0200 US Eastern time)
• More from Japan’s Kanda: Japan is in talks on FX and other issues with US & others, daily
• Reserve Bank of Australia: Chinas Monetary Policy Framework, Financial Market Transmission
• Japan’s Kanda says G7 reconfirmed commitment on forex stance put forward by Japan
• Bank of England Monetary Policy Committee member Megan Greene speaks again today
• BoJ’s Noguchi: essential for BoJ to maintain ultra-loose monetary policy
• Australia Q1 business confidence -2 (prior -6)
• Australian February March unemployment rate 3.8% (vs. 3.9% expected)
• PBOC sets USD/ CNY reference rate for today at 7.1020 (vs. estimate at 7.2281)
• Bank of America expect a June rate cut, from the Bank of Canada
• UBS says the US Federal Reserve remains on track to cut rates twice this year
• G7 statement says central banks remain firmly committed to achieving price stability
• Fed’s Bowman says progress on inflation has slowed, perhaps stalled
• Japan, US and South Korea met to discuss the super strong USD, the super weak JPY and KRW
• EU says it will take further restrictive actions against Iran
• Fed’s Mester says inflation is higher than expected, need more confidence on trajectory
• ECB’s Vasle sees rates much closer to 3% at year-end
• IMF says surging US & China debt pose risks for global public finances
• ICYMI – BoA survey: 76% of fund managers polled expect at least 2 Fed rate cuts in 2024
• Forexlive Americas FX news wrap 17 Apr. The USD moves lower snapping 5 day up streak
• ICYMI – US President Biden calls for a tripling of tariffs on Chinese steel
• US to reimpose oil sanctions on Venezuela
• Another down day for US stocks
• ICYMI – Holzmann says geopolitical risk is the biggest threat to a potential ECB rate cut
• Trade ideas thread – Thursday, 18 April, insightful charts, technical analysis, ideas

Two
Fed officials spoke during the session here today. Mester and Bowman
both warned of inflation not yet at a point where the Fed can cut.
Mester wants to see more certainty on the trajectory lower while
Bowman went as far as to say that while current monetary policy is
restrictive, time will tell if it is “sufficiently”
restrictive. A hawkish comment.

Australian
jobs data was the next significant event, showing a tick higher for
unemployment, though smaller than expected. The labour market remains
tight, but its loosening a touch. The data today will not rush the
RBA into a rate cut. The Bank remains very focused on getting the CPI
back to target and there is still a ways to go.

AUD
and NZD drew a few bids today, a stable yuan didn’t hurt. EUR,
CHF, CAD and GBP are also slightly higher against the USD.

From
Japan we heard more on efforts with the US, South Korea, and others,
to address the super strong US dollar that is so impacting JPY, KRW
and others. Japan’s Finance Ministry’s Vice Finance Minister for
International Affairs Kanda, the official who will instruct the BOJ
to intervene when he judges it necessary, crossed
the wires with numerous comments aimed at supporting the yen. At one
stage USD/JPY touched lows back (just) under 154.00, but only
briefly. As I post its around 154.26 and not a lot net changed on the
session.

Bank
of Japan board member Noguchi spoke.

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