ACTV - Powell PPI And U.S. Tariff Announcement On China Featured
2024-05-14 06:55:00 ET
Summary
- The tone in the foreign exchange market today is mostly consolidative.
- The US is set to announce a new set of tariffs on a wide range of Chinese goods later today.
- The longest rally in Europe's Stoxx 600 since October-November 2021 is being challenged today.
Overview
The tone in the foreign exchange market today is mostly consolidative. The two notable exceptions are the yen and yuan. Despite higher JGBs yields amid speculation that the BOJ will scale back bond purchases, as it did yesterday, to support the yen, the greenback is at its best level since the suspected intervention. The next important technical area is near JPY157.00. The US is set to announce a new set of tariffs on a wide range of Chinese goods later today. Expectations that policy is about to be eased, coupled with the yen's weakness, appears to have helped push the yuan to new seven-day lows. Softer UK labor data weighed on sterling, but it recovered after the $1.25 area held. There are GBP1 bln of options that expire there today. Most emerging market currencies are firmer but a handful of Asia Pacific currencies and the South African rand....
Powell, PPI, And U.S. Tariff Announcement On China Featured