Japan steps into FX markets
• JPY jump. USD weaker as Japanese officials intervene to prop up the very weak JPY. This & positive sentiment boosted the AUD & NZD.• Macro trends. Further bouts of JPY intervention possible. US GDP re-accelerates. BoE & ECB hold rates steady, but ECB hints at future hikes. Global TrendsA few push-pull forces washed through markets overnight with risk sentiment generally improving at the end of the month. European and US equities rose with the S&P500 (+1%) recording its best month since late 2020 (+10.4% in April). Elsewhere, bond yields gave back ground with 2yr rates across the UK, Europe,...