Major forex rates traded in small ranges only today as traders in the region assessed the stunning jobs numbers from the US on Thursday and what the implications may be for the nonfarm payroll report due Friday morning US time.
Data locally in the timezone was from Japan, showing negative real wage growth and sliding household spending. While the next Bank of Japan meeting is not until the end of this month (July 27 and 28) the data today does not suggest the Bank will be in a rush to tighten. Indeed, we had a report in Japanese media (Nikkei) today with remarks from Bank of Japan Deputy Governor Uchida saying "We will continue YCC" for the time being. Of course, this does not entirely rule out some sort of tweak to the policy.
USD/JPY traded down to lows circa 143.80 before rebounding to be just over 144.00 as I post.
News flow was barely noticeable.
The PBOC once again set the USD/CNY reference rate lower than was expected.
USD/CNH update:
https://news.google.com/rss/articles/CBMigQFodHRwczovL3d3dy5mb3JleGxpdmUuY29tL25ld3MvZm9yZXhsaXZlLWFzaWEtcGFjaWZpYy1meC1uZXdzLXdyYXAtYXdhaXRpbmctdGhlLXVzLWpvYnMtcmVwb3J0LWFmdGVyLWFuLWFkcC1ibG9ja2J1c3Rlci0yMDIzMDcwNy_SAYUBaHR0cHM6Ly93d3cuZm9yZXhsaXZlLmNvbS9uZXdzL2ZvcmV4bGl2ZS1hc2lhLXBhY2lmaWMtZngtbmV3cy13cmFwLWF3YWl0aW5nLXRoZS11cy1qb2JzLXJlcG9ydC1hZnRlci1hbi1hZHAtYmxvY2tidXN0ZXItMjAyMzA3MDcvYW1wLw?oc=5
2023-07-07 02:58:36Z
CBMigQFodHRwczovL3d3dy5mb3JleGxpdmUuY29tL25ld3MvZm9yZXhsaXZlLWFzaWEtcGFjaWZpYy1meC1uZXdzLXdyYXAtYXdhaXRpbmctdGhlLXVzLWpvYnMtcmVwb3J0LWFmdGVyLWFuLWFkcC1ibG9ja2J1c3Rlci0yMDIzMDcwNy_SAYUBaHR0cHM6Ly93d3cuZm9yZXhsaXZlLmNvbS9uZXdzL2ZvcmV4bGl2ZS1hc2lhLXBhY2lmaWMtZngtbmV3cy13cmFwLWF3YWl0aW5nLXRoZS11cy1qb2JzLXJlcG9ydC1hZnRlci1hbi1hZHAtYmxvY2tidXN0ZXItMjAyMzA3MDcvYW1wLw
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