ForexLive Asia-Pacific FX News: USD/JPY has a more limited range today

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ForexLive Asia-Pacific FX News: USD/JPY has a more limited range today
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After Thursday’s wild moves, particularly in the yen, major currencies in Asia took a bit of a breather. USD/JPY fell back below 142.00 after highs above 142.50 at the start of the play. It was a public holiday in Japan today and while that doesn’t guarantee a quiet session, that’s what we got today. Japan’s MoF was reportedly on guard for a resurgence in USD/JPY, but that didn’t happen so we didn’t see an official jaw or intervention during the session here. .

Elsewhere on the major currencies, there was minor bid on the US dollar just about everywhere. Eur, AUD, GBP, NZD are all a few points lower, but none are troubling technical levels in the tight ranges we’ve had.

Regional stocks fell, taking their lead from Thursday’s decline on Wall Street.

Oil and gold are also a little softer.

Data releases were very low level and news flow was light.

On the central bank side, the only noteworthy point was an even lower average rate for the onshore yuan from the People’s Bank of China. Reuters’ estimate was above 7 but that didn’t materialize as the PBoC held USD/CNY below that big psychological level at the time of the fixing. Trading in the USD/CNY and USD/CNH market is above 7 regardless.

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