SSLY - Japan Drives Home Message
2024-05-02 07:00:00 ET
Summary
- It appears that with the market challenging Monday's intervention, Japanese officials entered the market shortly after the US equity market closed yesterday, as the Asia Pacific session go underway and sold dollars again.
- The offshore yuan is trading stronger than the onshore yuan for the first time this year.
- Gold rebounded yesterday from nearly one-month lows (~$2281) but stalled around $2329.
Overview
The US dollar is mixed, but the spotlight is on the Japanese yen. It appears that with the market challenging Monday's intervention, Japanese officials entered the market shortly after the US equity market closed yesterday, as the Asia Pacific session go underway and sold dollars again. Initial estimate suggests the intervention amount was two-thirds of Monday's amount, the timing caught the markets wrong footed. Tokyo markets are closed Friday and Monday, but yesterday's operation will likely make the market cautious about challenging Japanese officials without good cause....
Japan Drives Home Message