October 01, 2024 at 03:42AM
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Chinese
share markets did not trek towards the moon again today – it was a holiday in both mainland China and Hong Kong, markets were closed.
Chinese markets reopen on Tuesday October 8. It was also a holiday in
South Korea today.
USD/JPY
was a mover, rising above 144.00 in the wake of multiple data points
from Japan:
the
Bank of Japan Tankan report for Q3 showed sings that economy
continues to recover
the
Bank of Japan ‘Summary of Opinions’ for the September meeting
reiterated that monetary policy makers discussed the need to be
cautious about raising interest rates given concern over volatility
in financial markets, and uncertainty over the US economic outlook.
I pointed out that these concerns were voiced on the day of the
meeting, they are not new news
Japan’s
manufacturing PMI for September remained in contraction for a 3 rd
consecutive month
USD/JPY
encountered resistance above 144.00 and has since fallen back to just
under 143.70. Japan’s finance minister Suzuki said
a few words on intervention efforts during his tenure, providing a
bit of a cap for USD/JPY.
From
New Zealand today we had an improved, but still weak, Quarterly Survey
of Business Opinion (QSBO) from the New Zealand Institute of Economic
Research (NZIER). NZ Treasury released its latest economic update,
also acknowledging weakness and not painting optimism for much
improvement immediately ahead. BNZ issued a forecast for a 50bp rate
cut from the Reserve Bank of New Zealand next week (meeting is
October 9). NZD/USD has lost ground on the session and as I post is
dipping to fresh session lows under 0.6325.
From
Australia, data for retail sales in August showed improvement beyond
estimates, helping AUD/USD to rise above 0.6930 briefly. Its since
drifted back to be little changed on the day.
NZD/USD:
This article was written by Eamonn Sheridan at www.forexlive.com.
