ForexLive Asia-Pacific FX news wrap: USD/JPY yen back under 148, renewed BOJ hike chatter |


Goldman Sachs says a Trump 2024 election win will likely boost bond yields and US dollarWarning from Wells Fargo: Stocks at record highs based on false hopeChinese authorities have ‘asked’ funds to restrict short selling stock index futuresSociete Generale forecasts USD/JPY under 140 in Q2 of 2024Former St Louis Fed President Bullard says Fed cuts could come as soon as MarchRBNZ’s own Q4 CPI indicator 4.5% y/y (prior 5.2%) – this is its Sectoral Factor ModelNorth Korea fires multiple cruise missiles into Yellow SeaCiti has a 4,800 target for the S&P 500 at mid-year, then to 5,100 by year endPBOC sets USD/ CNY mid-point today at 7.1053 (vs. estimate at 7.1825)US politics – Trump won NH primary, is now assured the Republican nominationJapan – Keidanren business lobby head says aiming for wage hikes to outpace inflationJapan Jibun preliminary manufacturing PMI for December 48.0 (prior 47.9)New Zealand Q4 CPI inflation data shows high domestic inflation, RBNZ likely look throughAustralia Westpac Leading Indicator, looks to be stabilisation rather than a cycle upturnJapan data – December exports +9.8% y/y (expected +9.1%)Deutsche Bank survey shows a third of respondents expect Bitcoin under $20,000 by end 2024UBS predicts rise in EUR/CHF and also say that USD buying looks stretchedSwiss National Bank President Jordan spoke Tuesday on the CHF, inflation and the economyAustralia January preliminary PMIs: Manufacturing 50.3 (prior 47.6) Services 47.9 (47.1)NZD/USD is jumping after a huge 5.9% non tradable inflation number in the Q4 dataNew Zealand Q4 CPI 0.5% q/q (expected 0.5%) and 4.7% y/y (expected 4.7%)Oil – private survey of inventory shows much larger headline draw than was expectedUS military has struck Iran-backed militants in western IraqForexlive Americas FX news wrap: US dollar flexes its musclesTrade ideas thread – Wednesday, 24 January, insightful charts, technical analysis, ideas

Inflation
data from New Zealand, for Q4 of 2023, kicked off the session here.
The headline results showed inflation falling as per consensus
expectations and faster than the Reserve Bank of New Zealand had
forecast in its most recent Monetary Policy Statement (MPS) (in November
2023). However, the data also showed that non-tradable inflation is
still running hot, above forecasts from both the market and the RBNZ.
(In summary, tradable inflation is primarily driven by international
factors and market conditions, whereas non-tradable inflation is
driven by domestic economic conditions and policies.) NZD/USD jumped
higher and as I post is still above pre-data levels.

USD/JPY
is down on the session. The yield on Japan’s
10-year Japanese
Government Bond is up
10bps (20yr
+12) as
rate-hike expectations are
revised up. Again. Data from Japan showed much-improved exports in December.

Other
major FX is mixed. EUR/ and GBP/USD are higher while AUD and CAD have
seen a little pressure.

The
focus for regional equities is still China. Reuters
carried a report citing two unnamed sources conveying information
that Chinese authorities ‘asked’ funds to restrict short selling
stock index futures.



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