USD/JPY was once again a mover during the session but this time it was to and fro range trading and ending net little changed. We had plenty of data from Japan during the session (Tokyo CPI, industrial output and more – see bullets above) but the yen is being moved with US-Japan yield differential changes, not local data. Like I said, net change on the session is small.

Elsewhere the ranges were limited and net directional change small and mixed.

News flow was light. As an aside, Elon Musk was on Twitter with some useful info – he tweeted that the price of commodities used by TSLA are more trending down than up.

On the central bank front, we had the Bank of Japan July meeting ‘Summary’ published. There was nothing in these departing from what we have heard over and over from the Bank – policy is seen as staying loose.

You’ll see in the (bullets) posts above that there is PMI data due from China over the weekend. Any surprises on these could be of impact on China-proxy trades on Monday morning (for the AUD, as an example). Join us early Monday if so!

usdyen chart wrap 29 July 2022