Continuum Economics
  • Search
  • About Us
  • Buy
  • Invite A Friend
  • My Basket
  • Articles
  • Calendar
  • Forecasts
  • Events
  • Data
  • Newsletters
  • My Alerts
  • Community
  • Directory
  • About Us
  • Buy
  • Invite A Friend
  • My Basket
  • Articles
    • All
    • Thematic
    • Tactical
    • Asia
    • EMEA
    • Americas
    • Newsletters
    • Freemium
    • Editor's Choice
    • Most Viewed
    • Most Shared
    • Most Liked
  • Calendar
    • Interactive
      • China
      • United States
      • Eurozone
      • United Kingdom
    • Month Ahead
    • Reviews
    • Previews
  • Forecasts
    • Forecasts
    • Key Views
  • Events
    • Media
    • Conference Calls
  • Data
    • Country Insights
    • Shadow Credit Ratings
    • Full CI Data Download
  • Newsletters
  • My Alerts
  • Community
    • FX
    • Fixed Income
    • Macro Strategy
    • Credit Markets
    • Equities
    • Commodities
    • Precious Metals
    • Renewables
  • Directory
  • My Account
  • Notifications Setup
  • Administration Panel
  • Account Details
  • Recent Devices
  • Distribution Lists
  • Shared Free Trials
  • Saved Articles
  • Shared Alerts
  • My Posts
Published: 2024-05-06T04:24:35.000Z

Asia Summary and Highlights 6 May

byCephas Kin Long Yung

FX Analyst
1

USD/JPY up a figure 

Asia Session

USD/JPY went up another figure on Monday, another Japanese holiday. But given the current dynamics after two BoJ intervention, unless we see another robust rally in USD/JPY, we would only likely to see another intervention if the BoJ really want to beat down USD/JPY to below 150. Right now, short term speculators will not be very comfortable holding long positions and should keep a lid on the pair. USD/JPY is trading 0.7% higher at 153.99.

The Chinese Caixin PMI both stayed in expansion for service (52.5) and composite (52.8). The reopening of Chinese equity markets also see a vibrant start for the week. This helped the Aussie to overcome the USD strength dragged by USD/JPY. AUD/USD is trading 0.04% higher at 0.6611 while NZD/USD slipped 0.22% to 0.5996 and USD/CAD rose 0.02%. Else, EUR/USD is up 0.05% and GBP/USD is down 0.02%.

North American session

The US non-farm payroll was softer than expected with a 175k increase, with a rise in unemployment to 3.9% and a 0.2% increase in average hourly earnings on the soft side too. The USD immediately sold off, EUR/USD moving above 1.08 from around 1.0750 and USD/JPY falling below 152 from above 153. 

However most of the USD’s gains subsequently erased, EUR/USD stabilizing around 1.0770 with USD/JPY only marginally below 153. GBP/USD fully erased its post-data bounce while USD/CAD ended slightly firmer. A weaker ISM services index of 49.4 had little impact with prices paid rising to 59.2 from 53.4. Fed’s Bowman expressed hawkish concern on inflation, while the normally dovish Goolsbee described the payroll data as very solid. 

 

Continue to read the article for free
Login

or

or

Topics
FX Highlights
Foreign Exchange
FX & Money Markets Now!
Asia Pacific Close

GENERAL

  • Home
  • About Us
  • Our Team
  • Careers

LEGAL

  • Terms and Conditions
  • Privacy Policy
  • Compliance
  • GDPR

GET IN TOUCH

  • Contact Us
Continuum Economics
The Technical Analyst Awards Winner 2021
The Technical Analyst Awards Finalist 2020
image