ForexLive Asia-Pacific FX news wrap: USD/JPY rockets towards 152

• Chinese Academy of Social Sciences calls for 2tln yuan bond issuance to stabilize stocks
• European Central Bank President Lagarde speaking today. Lane, Stournaras, Cipollone also
• Bank of England Deputy Governor Sarah Breeden speaking Wednesday, October 23, 2024
• Federal Reserve speakers today include Bowman, Barkin
• Tokyo Stock Exchange employee under investigation for suspected insider trading
• Bank of Japan Governor Ueda is scheduled to address IMF’s “Governors Talk” session
• Reserve Bank of New Zealand Governor Adrian Orr speaking at 1pm Washington DC time today
• TD analysts forecast Bank of Canada to lower rates by 25 basis points today
• USD/JPY above 151.60 / AUD and NZD lower vs. USD also
• PBOC sets USD/ CNY reference rate for today at 7.1245 (vs. estimate at 7.1262)
• Goldman Sachs says oil to average $76/bbl in 2025, sees two-sided risks
• IMF forecasts Australian CPI stays above 3% through 2025 – highest inflation in the world*
• Fed’s Daly says “work to achieve a soft landing is not fully done”
• Morgan Stanley says consumer confidence in China continues to gradually slide lower
• UK Pay Growth Stalls, Expected to Cool Further in 2024-25
• McDonald’s E-Coli outbreak update – 10 US states hit
• Senior Volkswagen executive deported from China
• Yellen says China stimulus efforts fail to address 2 key areas of shaky Chinese economy
• UBS cite fair value for USD/JPY beneath 148.00
• UBS forecast EUR/USD to as high as 1.16
• JP Morgan’s Dimon will not be joining either Administration
• Forexlive Americas FX news wrap: ECB members strike a more-dovish tone
• Private survey of oil inventories shows headline crude oil build greater than expected
• CDC: Severe E. Coli Outbreak Linked To McDonald’s (MCD)
• Another mixed close for major US indices
• Goldman Sachs expect EUR/USD under parity in scenario Trump wins US election
• Trade ideas thread – Wednesday, 23 October, insightful charts, technical analysis, ideas

Macro
news and data flow was extremely light today. Yen crosses filled the
vacuum, rising strongly.

USD/JPY
surged through 152.00 to highs around 152.80 before topping for the
session. We had no pertinent comments out of Japan aimed at
curtailing yen losses.

The
USD strengthened elsewhere, notably against CHF, AUD,
NZD and CAD. While USD/CHF remains bid, the others have all retraced.

Fed’s Daly spoke (see bullets above).

China’s
pre-eminent ‘think tank’ the Party-backed Chinese Academy of
Social Sciences (CASS) called for the issuing 2 trillion yuan in
special government bonds. This would be help establish a stock market
stabilization fund.

Chinese stocks positive for the session:

USD/JPY surge:

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