July 12, 2024

USD/JPY flows: Suspected Intervention and Rate Check
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July 12, 2024 3:14 AM UTC

USD/JPY slumps in the early Asia hours

July 10, 2024

USD/JPY flows: Resume upward traction
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July 10, 2024 4:55 AM UTC

Japan June PPI +0.2% m/m and +2.9% y/y 

July 09, 2024

USD/JPY flows: BoJ meeting market participants on bond purchase cut
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July 9, 2024 5:19 AM UTC

The Bank of Japan will be holding in-person meetings with market participants this week

July 08, 2024

USD/JPY flows: Labor Cash Earning Remains Below 2%
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July 8, 2024 4:17 AM UTC

Japan May Labor Cash Earning 1.9% y/y with April revised to 1.6% from 2.1%

July 05, 2024

USD/JPY flows: Further Correction
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July 5, 2024 4:59 AM UTC

Japan finance minister Suzuki says weak yen is pushing up import costs
Japan May household spending -1.8% y/y (expected +0.1%)

July 04, 2024

USD/JPY flows: Partial Correction
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July 4, 2024 5:35 AM UTC

Some U.S. politics fiasco
Japan M5.4 earthquake off Chiba prefecture

July 03, 2024

USD/JPY flows: Reversing Tuesday's Direction
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July 3, 2024 5:12 AM UTC

Japan June Services PMI 49.4, prior 53.8

July 02, 2024

USD/JPY flows: Another high
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July 2, 2024 3:59 AM UTC

Japan finance minister Suzuki and his usual jawboning

July 01, 2024

USD/JPY flows: GDP Revised Significantly Lower
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July 1, 2024 4:32 AM UTC

Japan Q1 GDP revised to -2.9% from -1.8%

June 28, 2024

USD/JPY flows: Escalated rhetoric but no sign of action
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June 28, 2024 4:50 AM UTC

Escalated rhetoric from Suzuki
Tokyo CPI stays above 2%

June 27, 2024

USD/JPY flows: Longs taking profit
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June 27, 2024 3:48 AM UTC

Japan's Suzuki saying watching FX moves with a high sense of urgency
Japan Chief Cabinet Secretary Hayashi says won't comment on FX levels

June 26, 2024

USD/JPY flows: Grinding towards 160
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June 26, 2024 4:40 AM UTC

Another test of 160 looks inevitable

June 25, 2024

USD/JPY flows: Just below 160
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June 25, 2024 4:48 AM UTC

Hayashi's turn for jawbone intervention

June 24, 2024

USD/JPY flows: 160 in sight
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June 24, 2024 4:22 AM UTC

BoJ summary of opinions no surprises
Japan FX Diplomat Kanda doesn't comment on FX levels

June 21, 2024

USD/JPY flows: The return of jawboning
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June 21, 2024 4:58 AM UTC

Suzuki said excessive, disorderly fx moves could hurt economies
Japan May CPI headline 2.8% y/y 

June 20, 2024

CHF, GBP flows: Some downside risks for CHF and GBP
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June 20, 2024 6:36 AM UTC

SNB and BoE monetary policy decisions today carry some risk of easier than expected policy and weaker currencies

USD/JPY flows: Japan Business Survey Pessimistic
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June 20, 2024 5:01 AM UTC

The Japan Business Survey is showing only 7% business believe wage can catch up with inflation

June 19, 2024

USD flows: BOE/SNB Next Focus
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June 19, 2024 2:43 PM UTC

Thursday see key BOE and SNB meetings. 

USD/JPY flows: Export beats
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June 19, 2024 4:40 AM UTC

Headline trade balance and export beats, import missed but resumed expansion

June 18, 2024

USD flows: USD softer after retail sales
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June 18, 2024 12:49 PM UTC

USD lower after retail sales come in below consensus in May, but impact unlikely to be large

JPY flows: JPY weakness extends toward key levels
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June 18, 2024 8:30 AM UTC

USD/JPY testing the retracement levels close to 158.30. Intervention risk rising

EUR, JPY, AUD: Mild risk recovery continues
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June 18, 2024 6:48 AM UTC

EUR firmer but upside limited. AUD supported by hawkish RBA. JPY weakness extends but one way market looks unsustainable.

USD/JPY flows: Ueda fail to inspire a JPY rally with limited credibility
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June 18, 2024 4:38 AM UTC

Bank of Japan Governor Ueda says chance we could raise interest rates at July meeting

June 17, 2024

EUR, JPY: Steady trading in quiet markets
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June 17, 2024 6:34 AM UTC

EUR awaiting more news on French elecitons, but holding steady for now. JPY awaiting trigger for singificant gains

USD/JPY flows: Risk balanced by BoJ disappointment and intervention fear
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June 17, 2024 4:50 AM UTC

Silence from BoJ 

June 14, 2024

CHF flows: EUR/CHF continues to probe lower
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June 14, 2024 8:44 AM UTC

Concerns about French politics and underlying fiscal fragility maintain downward pressure on EUR/CHF

SEK flows: EUR/SEK reverses initial dip after stronger CPI
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June 14, 2024 7:03 AM UTC

Swedish CPI stronger than expected in April, but SEK fails to sustain initial gains

JPY flows: JPY lower after BoJ disappoints, but...
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June 14, 2024 6:53 AM UTC

USD/JPY above 158 for the first time since end-April BoJ intervention after BoJ leaves policy unchanged. But risks remain to the downside

USD/JPY flows: BoJ Surprise Again
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June 14, 2024 4:59 AM UTC

BoJ keep rates on hold and did not cut bond purchase this month
Forward guidance suggest BoJ will decide bond purchase cut in July

June 13, 2024

USD, JPY flows: USD lower after PPI, claims
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June 13, 2024 12:51 PM UTC

USD diops after weaker than xpected PPI and higher jobless claims, but scope for bigger decline

USD, JPY, EUR, CHF flows: USD lower against riskier currencies after CPI, FOMC
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June 13, 2024 6:55 AM UTC

Despite the FOMC dots showing a median expectation of only one rate cut this year, US yields and the USD are lower, except against the JPY, and JPY weakness looks anomalous. Widening France/Germany spreads may maintain downard pressure on EUR/CHF.

USD/JPY flows: USD driving while BoJ meets
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June 13, 2024 4:18 AM UTC

USD rebound strongly while market participants awaits Friday's BoJ decision

June 12, 2024

USD flows: USD lower after weaker than expected April CPI
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June 12, 2024 12:53 PM UTC

US CPI 0.1% below consensus, USD has scope for extended decline

GBP flows: GBP little changed after as expected GDP data
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June 12, 2024 6:31 AM UTC

UK April GDP flat on the month, up 0.7% on a 3m/3m basis, as expected. Little GBP impact

USD/JPY flows: Rebound in PPI
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June 12, 2024 3:37 AM UTC

Japan May PPI +0.7% m/m, expected +0.4 and +2.4% y/y, expected +2.0%

June 11, 2024

GBP flows: GBP slighty weaker after labour market data
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June 11, 2024 6:39 AM UTC

GBP slips a little as claimant count rises and HMRC data shows weakening earnings growth

USD/JPY flows: Slowly grinding higher
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June 11, 2024 3:41 AM UTC

No verbal intervention from Suzuki

June 10, 2024

EUR, JPY, SEK, NOK flows: EUR under pressure, SEK strength to fade
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June 10, 2024 6:47 AM UTC

EUR under pressure on political uncertainty. Weak Swedish GDP should cap SEK

USD/JPY flows: Q1 GDP Revised Slightly Higher but Remains in Contraction
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June 10, 2024 4:23 AM UTC

Japan Q1 GDP -0.5% q/q, -1.8% annualized

June 07, 2024

JPY flows: BOJ Rate Hike June 14 A Close Call
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June 7, 2024 3:35 PM UTC

On USD/JPY, attention should switch to the BOJ meeting on Friday, where only a 10% chance of a 10bps hike in the BOJ policy rate means the market is relaxed. 

USD flows: Dots and Powell Could Diverge
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June 7, 2024 2:35 PM UTC

The FOMC June 12 if the key event for the USD, but could prove choppy for the USD. 

GBP flows: BOE June 20 Rate Cut Risks Underestimated
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June 7, 2024 2:10 PM UTC

GBP main event next week will be the monthly GDP and average earnings expectations. 

USD flows: U.S. Employment Up but Down In Household Data Survey
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June 7, 2024 1:35 PM UTC

The USD initial reaction has been to push higher with the larger than expected increase in NFP.  

USD flows: U.S. Employment More Reaction if Weak?
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June 7, 2024 9:47 AM UTC

The USD was sideways in Europe, with the approach of the U.S. employment report being key.

USD/JPY flows: Household Spending Continues to Fall
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June 7, 2024 4:31 AM UTC

April Overall Household Spending down 1.2%m/m

June 06, 2024

EUR flows: Lagrade Back Lane Clearer Guidance
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June 6, 2024 1:48 PM UTC

While Largarde did not provide specific guidance, she confirmed the clear message from ECB Lane that the lagged effects of tighter policy will still feedthrough H2 2024 and 2025; policy is now forward looking and real policy rates have risen and need to be lowered.  

EUR flows: ECB 25bps, but Inflation Forecast up
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June 6, 2024 12:25 PM UTC

The EUR has rallied after the expected 25bps cut, as bond yields have drifted higher as they are focused on the upward revision for 2025 inflation from 2.0%  to 2.2%.  

EUR flows: Waiting for the ECB
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June 6, 2024 8:39 AM UTC

The EUR has been subdued ahead of the ECB meeting, with a 25bps cut in official rates now fully discounted. 

USD/JPY flows: Dragged by weaker USD
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June 6, 2024 3:51 AM UTC

BOJ's Nakamura says inflation may not reach 2% from FY 2025 on if consumption weakens

June 05, 2024

USD flows: USD up on services ISM
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June 5, 2024 2:11 PM UTC

Strong bounce in ISM services underpins the USD