Japan’s
Finance Ministry’s Vice Finance Minister for International Affairs
Kanda said he had nothing to say about US Treasury Secretary Yellen’s
weekend comments on FX. If you missed Yellen’s comments check out
the link above on Kanda for references to it, but, in a nutshell, she
expressed little more than mild support for Japan’s intervention. The upshot is
that Japan seems to be alone in its intervention efforts despite
touting international cooperation.
USD/JPY
rallied towards 154.30 before retracing its entire gain but then
jumped even higher, to above 154.50.
More
broadly, the USD lost a little ground during morning trade before
gaining it all back. There was little fresh news.
From
Australia we had Q1 retail sales data come in weaker than expected. The quarterly data has been down 5 times out the past 6. AUD/USD had rallied above 0.6640 with the softness for the US dollar
early, but its since fallen back to lows around 0.6620 as I update. The
Reserve Bank of Australia statement is due (at 0430 GMT / 0030 US
Eastern time), followed by Governor Bullock’s news conference (an
hour later). Expectations are that the Bank will hold the cash rate
steady at 4.35%, revise near term inflation forecasts higher, leave further out projections unchanged, and sound more hawkish.
This article was originally published by a www.forexlive.com . Read the Original article here. .