ForexLive Asia-Pacific FX news wrap: USD and JPY gained ground (USD/JPY lower)

• European Central Bank speakers on Wednesday include de Guindos, Lane and Buch
• Australia Q2 CPI preview – “June CPI should not close the door on a rate cut”
• Earnings results update 23 July 2024 (AMC)
• NZD/USD, AUD/USD extend their dribbling losses
• PBOC sets USD/ CNY mid-point today at 7.1358 (vs. estimate at 7.2795)
• USD/JPY drops to a fresh low for the session, under 155.40
• All analysts surveyed expect the Bank of Canada to cut by 25bp today, Wednesday, July 24
• Japan flash PMIs (July): Manufacturing 49.2 (prior 50.0) Services 53.9 (prior 49.4)
• Musk: “I am not donating $45 million a month to Trump.”
• UK data shows continued strong wage growth
• Australian flash PMI (July): Manufacturing 47.4 (prior 47.2) Services 50.8 (prior 51.2)
• MUFG warn that the yen could turn back around again and fall – eyes on BOJ
• Five factors that will drive global equites higher still in H2 of 2024
• Deputy PM Novak: Russia cut oil production in July, nearly to OPEC agreed target level
• Forexlive Americas FX news wrap 23 Jul: USD continues fall vs JPY, but rises vs other CCYs
• ICYMI – European Central Bank Chief Economist Lane spoke Tuesday – nothing for traders
• Oil: Private survey of inventory shows headline crude oil draw larger than expected
• US stocks close lower ahead of Tesla and Alphabet earnings
• GBPJPY reverses June/early July surge and follows similar technical tools. Watch and learn
• Trade ideas thread – Wednesday, 24 July, insightful charts, technical analysis, ideas

USD/JPY
swung around during the session without fresh catalysts. The slide
during Tuesday retraced a little, with a rally to just shy of 156.00
before a quick sell off towards 155.20. There was some data from
Japan today, but it was the lower-tier flash PMIs. Volatility for yen
crosses will persist and will likely intensify into next week and the
Bank of Japan meeting.

Elsewhere
the USD remained bid. EUR, GBP, AUD, NZD, CAD all fell away against
the big dollar. Again, there were no fresh catalysts.

News
and data flow were light.

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