Just waking up? USD/JPY demand into the Tokyo fix, some 'flash crash' elsewhere
I posted on the USD/JPY demand into the final Tokyo fix for the fiscal year earlier.
The Japanese fiscal year that is.
USD/JPY moved quickly above 108.20 to highs circa 108.70 on an end of year demand surge.
Meanwhile AUD, NZD and GBP had spikes lower - AUD and kiwi came almost right back up again but are subsiding now. Cable had its sharp move down also but the bounce was not quite so good and it too is subsiding as I post.
These are flow driven moves, although there has been plenty of news also:China stimulus, China PMIs, NZ collapsing business survey and more:
- China official PMIs for March: Manufacturing 52.0 (expected 44.8) Services 52.3 (42.0)
- PBOC adviser says setting a GDP target may force a 'flood-like' stimulus
- NZ Business Confidence (March) : -63.5 (prior -19.4)