ForexLive Asia-Pacific FX news wrap: USD stronger, but beaten by yuan, EUR

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It
was another subdued day in Asia with the excuse today being ‘awaiting
the US CPI’. Fair enough, it’s a critical report. Oh, tomorrow
we’ll be getting ‘waiting on the ECB’.
</p><p>Nevertheless
we did have some minor movement.</p><p>EUR/USD rose on Reuters reporting an apparent leak of a likely European Central Bank rate hike on Thursday (see bullets above). Reuters cited an unnamed source who said the reason for the hike was higher inflation forecasts. </p><p>USD/JPY chipped away at its Monday
morning gap, rising to a high just over 147.40, so there’s still a
way to go higher before that gap is filled. Market pricing has
shifted significantly to an end to negative rates at the Bank of
Japan in January 2024 from September 2024 previously. More in the
bullets above on this.
</p><p>The
USD gained more widely, AUD, NZD, CAD, GBP all traded down a
little during the session. The yuan broke the mould, the Chinese
currency is stronger on the session. Piecemeal policy changes
continue in China and the news on Country Garden (the troubled
property developer) is also on the up, it received approval to
extend another yuan bond.</p><p>News
flow otherwise was light.</p><p>We
got data from Japan, m/m PPI came in higher than expected while the
y/y was inline and lower for an eighth consecutive month.
</p><p>And,
one more thing, for those reading this using trader funding / prop
firm services, check out the post on Deel suspending payment services
to many such firms. The good news is that reputable and well-managed
firms are quickly putting alternative payment processes into place.
More in that post above.</p><p>

EUR/USD rose on the 'leak':</p>

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