Major FX ranges were more limited than they were during a volatile post-FOMC US session.

Japan was out for a public holiday here today, which meant no cash trade in USTs.

The USD net gained after Federal Reserve Chair Powell’s press conference. There was minor follow through to this early in the session here and then a minor retrace. As mentioned, ranges were not large. USD/JPY is a bit of an exception. It tested towards 148.00 and dropped around 80 points.

Regional equities slid.

usdyen wrap 03 November 2022

Data points of note were a rebound for Australian exports (September month data) and further contraction for the Chinese services PMI (Caixin).

Speaking of China, coronavirus cases mounted again. Canada’s government ordered three Chinese firms to divest from small lithium miners.

In geopolitical news North Korea launched another three missiles eastward again today.