Bank of Japan Governor Kuroda mentioned the word “intervention” in his remarks during the Asia Time session today and immediately triggered a decline in USD/JPY. From around 122.80, USD/JPY bottomed out towards 122.39 and, as I point out, stabilized just above 122.50. There were many more comments from the BOJ Governor (see bullet points above), but the big impact was this.
Elsewhere, currency ranges were subdued. China had gone on vacation again, markets were closed in mainland China and Hong Kong. Taiwan was also on vacation.
China again reported an increase in coronavirus cases today, with more than 16,400 new infections reported.
Still to come is the Reserve Bank of Australia’s April policy meeting – the announcement and accompanying statement from Governor Lowe are scheduled for 04:30 GMT. There are previews in the bullet points above. Spoiler – no policy change, but eyes are on Lowe’s comments for a less dovish trend.
Oil continued to rise after its gains in the US time zone on Monday.
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