ForexLive Asia-Pacific FX news wrap: USD/JPY ticks higher, Japanese official comments

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ForexLive Asia-Pacific FX news wrap: USD/JPY ticks higher, Japanese official comments

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The
yen remains the focus after its huge plunge on Tuesday then partial
retrace on Wednesday. You'll recall USD/JPY tested once again
towards 145 before being hit with escalated jawboning, most notably
from finance minister Suzuki, and then a Bank of Japan 'rate check'
that prompted thoughts of intervention to come. On Wednesday US time
USD/JPY fell back towards 142.50. During the session here it tracked
sideways in a broad 142.80/143.20 (and thereabouts) range but moved
higher after comments from a senior LDP official (the LDP is the
ruling party in Japan) cast doubts on the ability of the Bank of
Japan to have any meaningful intervention impact. This may be the
truth but it didn't help prop up the yen, which has been the goal
out of Japanese officialdom. USD/JPY has been as high as around
143.50 after the less supportive comments.
</p><p class="western">On
the data front today we had New Zealand Q2 GDP reported well above
expected. NZD/USD is higher on the session.</p><p class="western">From
Australia we had a below expectation (not by much) employment gain
and above expectation (again, not by much) unemployment rate. The
details of the report were better, and it was not a bad report, just
not as good as expected. AUD/USD also gained on the session.
</p><p class="western">Regional
stocks followed up the higher Wall Street close by adding small
gains.
</p><p class="western">
is reportedly considering imposing export duties on its coal.
</p><p>The
People's Bank of China left its medium-term lending facility (MLF)
rate unchanged, 400bn of a one-year MLF was issued with 600bn
maturing today. Thus a net drain in MLF activity.</p>

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

Source: ForexLive Asia-Pacific FX news wrap: USD/JPY ticks higher, Japanese official comments

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