ForexLive Asia-Pacific FX news wrap: USD/JPY slightly higher

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It
was a subdued day across major forex rates ahead of a week that
features speaking engagements by:</p><ul><li>Federal
Reserve Chair Powell</li><li>European
Central Bank President Lagarde</li><li>Bank
of England Governor Bailey</li><li>and
Bank of Japan Governor Ueda
</li></ul><p>Nevertheless, we did get some items of interest including:</p><ul><li>Saudi
Arabia and Russia will extend their continue voluntary 1 million bpd
output reductions into December – as widely expected</li><li>The
Melbourne Institute headline monthly inflation gauge fell by 0.1% in
October, the
first month of falling prices in 14 months. While
this data point is rarely highlighted by the RBA its not a smoking
gun for a rate hike at tomorrow’s policy meeting (a +25bp rate hike
is widely expected by analysts but not so much by market pricing)</li><li>Japan's
services activity (the
Jibun Bank / S&amp;P Global PMI)
expanded at its
slowest pace sor
far this
year in October. Its
still in expansion, at 51.6 (from September’s 53.8) so the panic
button has not yet been hit. The service sector has been the key
driver of growth in Japan.
</li><li>Bank
of Japan Governor Ueda once again said that the BOJ will keep YCC,
negative short-term rates intact until sustained achievement of 2%
inflation is foreseen by the Bank</li><li>USD/CNH
hit its lowest in 3 weeks</li><li>The
US military confirmed that an Ohio-class submarine arrived in the
Middle East. The location of these subs is never made public, doing
so this time is clearly aimed at dissuading Iran from escalating its atrocities-by-proxy against Israel.</li></ul>

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