After its losses during US trade the USD slid a little further during the Asian session. The ranges were smaller, but the USD gained ground across the majors board. After a solid bounce from 153.00 to 153.70 or so USD/JPY dropped back to 153.00 and spent an hour or so straddling the big figure before finally breaking down to around 152.75. Its just above 153.00 again as I update. No intervention was sighted today, but do be aware that Japan's finance minister Suzuki and Bank of Japan Governor Ueda will hold a press conference on the sidelines of the ADB meeting at 1345 GMT / 0945 US Eastern time.

On the data front the flow of info was light. Housing finance data from Australia rose, to a 19 month high.

European Central Bank chief economist Lane spoke (virtually) at an event on the US west coast. He didn’t mention a June rate cut. He did say that as the data points to inflation returning toward target the more the Bank will be able to remove its restrictions.

Bank of Korea Governor Rhee spoke, I read his comments as having implications for the Bank of Japan (see bullets above for detail).

It’s a packed agenda for the balance of Friday, but have a great weekend after it all everyone!


Bitcoin inched higher too:

btcusd wrap chart 03 May 2024 2