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29 Apr 2024

29 Apr 2024

JPY shenanigans

• JPY vol. USD/JPY dropped sharply yesterday. Intervention hasn’t been officially confirmed. Risk of action to prop up the weak JPY remains elevated.• AUD rise. AUD continues to grind higher. AUD is now more than 3% from its Israel/Iran risk aversion lows. China PMIs & AU retail sales due today.• Global data. Tonight, Eurozone GDP/CPI & the US Employment Cost Index (a broad wages gauge monitored by the US Fed) are released. It has been a relatively quiet start to the new week for most markets, with positive risk vibes continuing and swings in the JPY getting the most attention....

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29 Apr 2024

Yen Rollercoaster Accelerates

The Japanese yen is stabilising after an extraordinarily-turbulent session. With markets closed for the Golden Week holiday, the exchange rate briefly crashed through the 160-per-dollar threshold for the first time since 1990, and then reversed almost five big figures higher when rumours of central bank intervention hit the wires early this morning – generating a total intra-day move that was the widest since December 2022, and among the top 20 dollar-yen trading ranges in modern history. Official confirmation hasn’t yet been provided, and evidence of the traditional “rate checking” activity from the Bank of Japan is lacking thus far, but...

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