October 22, 2024 at 03:53AM
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We
had Federal Reserve officials Schmid (Federal Reserve Bank of Kansas
City President) and Daly (Federal Reserve Bank of San Francisco
President) speaking in early Asia time on Tuesday. They followed
Logan (Dallas) and Kashkari (Minneapolis) who spoke on Monday, US
time.
All
four expressed support for further Federal
Reserve interest-rate
cuts, but while Schmid, Logan and Kashkari tilted towards going slow
on rate cuts (‘modest’, ‘gradual’, ‘avoid outsize moves’),
citing the strong US economy and an uncertain outlook, Daly was more
gung-ho, saying her perception is that current Fed monetary policy is
“very tight” and that a strong economy should not prevent
pacy rate cuts as long as inflation continues to fall.
Apart
from Fed speakers there was little news nor data of impact. We did
have some (very mild) verbal intervention from Japanese authorities.
USD/JPY is barely off its session highs. Major
FX was otherwise subdued.
China’s
trade weighted yuan basket rose to its highest since July 11.
Gold
jumped on the session but has not approached its recent (record)
high.
This article was written by Eamonn Sheridan at www.forexlive.com.
