Forex News for Asian Trading for Friday, September 16, 2022


The yen was again in focus. USD/JPY fell early in the session, dropping below 143.00 and trading in a tight range below the number. We had remarks from Japanese Finance Minister Suzuki, the usual attempts to push the yen higher. But the yen fell again in response to such comments, with USD/JPY rising to touch 143.50.

Elsewhere, it was a mixed bag for FX against the dollar. The EUR, AUD, NZD and GBP all traded on the buy side against the big dollar, but the moves were broadly plotted to leave us with very little net change during the session.

The offshore yuan, CNH, consolidated. USD/CNH spent much of the session trading north of 7.02. The People’s Bank of China set the onshore yuan benchmark rate at its lowest level (i.e. USD/CNY at its highest) since August 18, 2020. Chinese data today today are better than expected for August retail sales, industrial production and the unemployment rate. .

Reserve Bank of Australia Governor Lowe appeared before an Australian parliament committee. His comments gave some hints of a 50bp rate hike coming at the RBA’s October 4 policy meeting, but there were also indications that it could be as little as 25bp. A bit bland. National Australia Bank revised its forecast for the October meeting to +50 from its previous call of +25.

Speaking of central bank forecasts, ANZ in New Zealand has changed its RBNZ forecast for an OCR peak of 4.75% (previously 4%), with 25 basis point hikes added to their profile in February, April and May next year.


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