ForexLive Asia-Pacific FX news wrap: USD/JPY rose with higher JGB yields

<ul><li><a href="https://www.forexlive.com/centralbank/mufg-expect-no-policy-tweak-from-the-boj-until-the-october-meeting-20230710/">MUFG expect no policy tweak from the BOJ until the October meeting</a></li><li><a href="https://www.forexlive.com/centralbank/rbnz-meet-this-week-on-hold-decision-widely-expected-preview-20230710/">RBNZ meet this week, on hold decision widely expected – preview</a></li><li><a href="https://www.forexlive.com/news/chinese-tech-stocks-are-rallying-investors-see-an-end-to-crackdown-20230710/">Chinese tech stocks are rallying – investors see an end to crackdown</a></li><li><a href="https://www.forexlive.com/news/china-cpi-for-june-00-yy-expected-02-ppi-54-yy-expected-50-20230710/">China CPI for June 0.0% y/y (expected 0.2%) &amp; PPI -5.4% y/y (expected -5.0%)</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71926-vs-estimate-at-72132-20230710/">PBOC sets USD/ CNY reference rate for today at 7.1926 (vs. estimate at 7.2132)</a></li><li><a href="https://www.forexlive.com/news/goldman-sachs-says-their-baseline-view-remains-that-sp500-will-rise-to-4500-by-year-end-20230710/">Goldman Sachs says their "baseline view remains" that S&amp;P500 will rise to 4500 by year-end</a></li><li><a href="https://www.forexlive.com/centralbank/rbc-forecast-the-federal-open-market-committee-fomc-to-raise-fed-funds-rate-25bp-in-july-20230710/">RBC forecast the Federal Open Market Committee (FOMC) to raise Fed Funds rate 25bp in July</a></li><li><a href="https://www.forexlive.com/news/fees-to-be-cut-on-around-1500-mutual-fund-products-in-china-20230709/">Fees to be cut on around 1500 mutual fund products in China</a></li><li><a href="https://www.forexlive.com/news/chinese-state-media-targets-goldman-sachs-over-pessimistic-report-20230709/">Chinese state media targets Goldman Sachs over "pessimistic" report</a></li><li><a href="https://www.forexlive.com/centralbank/reserve-bank-of-australia-loses-another-senior-official-assistant-governor-luci-ellis-20230709/">Reserve Bank of Australia loses another senior official – Assistant Governor Luci Ellis</a></li><li><a href="https://www.forexlive.com/centralbank/nomura-have-3-reasons-to-be-long-usdcad-target-is-137-20230709/">Nomura have 3 reasons to be long USD/CAD, target is 1.37</a></li><li><a href="https://www.forexlive.com/centralbank/rbnz-policy-meeting-this-week-nzier-shadow-board-recommends-no-change-ot-the-cash-rate-20230709/">RBNZ policy meeting this week – NZIER Shadow Board recommends no change ot the cash rate</a></li><li><a href="https://www.forexlive.com/news/goldman-sachs-says-the-west-must-invest-over-us25bn-to-match-china-supply-of-rare-earths-20230709/">Goldman Sachs says the West must invest over US$25bn to match China supply of rare earths</a></li><li><a href="https://www.forexlive.com/news/us-equities-iycmi-bank-of-america-bull-bear-indicator-more-bearish-than-bullish-32-20230709/">US equities IYCMI: Bank of America "bull &amp; bear" indicator more bearish than bullish @ 3.2</a></li><li><a href="https://www.forexlive.com/news/us-treasury-sec-yellen-met-senior-chinese-officials-direct-productive-discussions-20230709/">US Treasury Sec Yellen met senior Chinese officials, "direct" &amp; "productive" discussions</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-centeno-expects-inflation-under-3-by-the-end-of-2023-20230709/">ECB's Centeno expects inflation under 3% by the end of 2023</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-villeroy-expects-the-banks-interest-rates-to-peak-soon-and-plateau-for-a-long-time-20230709/">ECB's Villeroy expects the Bank's interest rates to peak soon, and plateau for a long time</a></li><li><a href="https://www.forexlive.com/news/trade-ideas-thread-monday-10-july-2023-20230709/">Trade ideas thread – Monday, 10 July 2023</a></li><li><a href="https://www.forexlive.com/news/monday-morning-open-levels-indicative-forex-prices-10-july-2023-20230709/">Monday morning open levels – indicative forex prices – 10 July 2023</a></li><li><a href="https://www.forexlive.com/centralbank/week-ahead-us-and-china-cpi-boc-rbnz-bok-ecb-and-riksbank-minutes-uk-data-20230709/">Week Ahead: US and China CPI; BoC, RBNZ, BoK; ECB and Riksbank Minutes; UK Data</a></li><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-nonfarm-payrolls-miss-helps-send-the-dollar-sharply-lower-20230707/">Forexlive Americas FX news wrap: Nonfarm payrolls miss helps send the dollar sharply lower</a></li></ul><p>
News
flow during the session was light. We did have a data focus, Chinese
inflation data for June.
</p><p>China's
wholesale
price inflation, PPI, deepened
in June:</p><ul><li>missed
expectations</li><li>fell
for a ninth consecutive month</li><li>fell
at its fastest
pace in 7 years</li></ul><p>Meanwhile
the CPI was unchanged at 0% y/y.
</p><p>While
in China, a fee reduction as announced for more than 1500 mutual fund
products. Combined with news from Friday on the finalising of the
penalty for Ant Group, seen as opening a pathway to the group’s
long-delayed IPO, Chinese stocks caught a bid, especially the tech
sector.
</p><p>USD/JPY
was a mover in the FX space. It rallied 70 or points off its lows
despite rising JGB yields. Other
major FX rates traded small ranges only.</p>

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