ForexLive Asia-Pacific FX news wrap: USD lost some ground, USD/JPY back under 146.50

• USD/JPY losses accelerate on the day, under 146.70 now
• Federal Reserve Board Governor Christopher Waller speaks on Monday
• Finland central bank governor & ECB governing council member Olli Rehn speaks late Monday
• Japan’s LDP will hold its leadership election on September 27
• Japan seeking a 700 billion yen valuation for Tokyo Metro, listing as early as end-October
• Federal Reserve Chair Powell to retain optionality, more data to come before Sept meeting
• JP Morgan says recent sharp equity market sell-off a ‘dress rehearsal’ for what’s to come
• PBOC sets USD/ CNY reference rate for today at 7.1415 (vs. estimate at 7.1548)
• On Friday Powell is likely to highlight inflation progress, allows focus on employment
• Japan Machinery orders for June 2024: 2.1% m/m (expected +1.1%)
• China – the idea of government-issued consumption vouchers are back into the spotlight
• Here’s another forecast for a September Federal Open Market Committee (FOMC) rate cut
• UK house asking prices dip, but buyer interest picks up, after Bank of England cut
• New Zealand services PMI for July 2024: 44.6 (prior 40.2)
• UBS expect anther Bank of England rate cut in November
• The week starts on Tuesday
• Fed’s Goolsbee says US credit conditions are tight and are getting tighter
• Trade ideas thread – Monday, 19 August, insightful charts, technical analysis, ideas
• Fed’s Daly says its time to consider trimming rates
• Hamas has rejected the latest ceasefire and hostage deal proposal
• Monday morning open levels – indicative forex prices – 19 August 2024

Weekend

• Join me on Monday for a webinar on how to avoid 7 common trading traps
• Newsquawk Week Ahead: Jackson Hole, Fed and ECB Minutes, Canada and Japan CPI, Flash PMI
• Weekly Market Outlook (19-23 August)
• SOL price prediction in crypto: The balanced, realistic, unbiased outlook
• Goldman Sachs cut its US recession probability after last week’s data, see 25bp Sept cut
• Next week doesn’t start until Thursday

There
was no high
priority news
nor data from Japan today, although
we did get machinery orders improving beyond median expectations. JPY
swings
continued. After
early trades above 148.00 USD/JPY has dropped back to under 146.70. ADDED – the thing is making a liar out me … under 146.50 now. Japanese equity indexes fell heavily as the yen rose.

The
USD was weaker pretty much across the majors board. Ranges were not
large. The
Australian dollar and UK pound rose to one-month highs. NZD/USD
gained, as did CAD. EUR/USD consolidated above 1.1020.

News
and data flow were light.

This article was written by Eamonn Sheridan at www.forexlive.com.