FOMC previews:

Other items today:

The reverberations of the Bank of Japan meeting on Tuesday continued for the yen today here in Asia. Yen crosses rose further with USD/JPY heading up to 151.30 while EUR/JPY rose to just shy of 164.50, to its highest since 2008. It seems only a matter of time before the verbal (at least) intervention begins again to prop up JPY. Japanese markets were closed today for a public holiday.

Small ranges prevailed across much of major FX. Traders are awaiting the Federal Open Market Committee (FOMC) statement and the press conference from Federal Reserve Chair Powell. There are previews in the points above.

The People’s Bank of China set Loan Prime Rates today, both the 1-year and the 5-year remained unchanged, as expected, at 3.45% and 3.95% respectively. Last month the 5-year LPR was cut by 25bps, its largest cut ever.

Chinese Foreign Minister Wang Yi met with Australia's Foreign Affairs Minister Penny Wong in Australia today, a sign of the continuing, slow, warming of relations between the two countries.

USD/JPY daily candles - getting back to late 2023 highs:

usdyen wrap chart 20 March 2024 2