ForexLive Asia-Pacific FX news wrap: USD/JPY rises above 145.50

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USD/JPY
continued it gains from Friday here in Asia Monday trade. The strong
payrolls report from the US on Friday chipped away at Federal Open
Market Committee (FOMC) easing expectations, helping to support the
USD. The report from Friday that Bank of Japan Governor Ueda’s
comments that sent the yen soaring on Thursday were misconstrued cut
some of the support from JPY.
</p><p>Across
the FX board more widely saw a weaker AUD, NNZd, CAD and GBP. EUR/USD
is not a lot net changed.
</p><p>The
yuan dropped further. Over the weekend was the release of China’s
November inflation data showing a shockingly sharp drop into CPI
deflation and a deepening of PPI deflation. The rekindled concern
over the health of the Chinese economy. The regular reaction to this
is the hope of more stimulus but this didn’t support China trades
today. There is more on this in the points above.
</p><p>Crypto
markets were smashed lower, and have since bounced back, not all the
way though. BTC/USD dropped from around US$42,500 or so to under
$40,750 in only minutes and then to $$42,500 in the hour or so
following.
</p><p>Offshore yuan update:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.