ForexLive Asia-Pacific FX news wrap: USD/JPY ticks up towards 156.50

• Reserve Bank of New Zealand expected on hold at its May 2024 meeting – preview
• European Central Bank speakers on Tuesday, 14 May 2024 include Schnabel and Knot
• Federal Reserve Chair Powell is speaking on Tuesday, Cook also
• PBOC sets USD/ CNY central rate at 7.1053 (vs. estimate at 7.2307)
• Japan Suzuki: Important for currencies to move in stable manner, reflecting fundamentals
• Goldman Sachs still like US stocks – upside risks look greater than the downside risks
• Japan April PPI +0.9% y/y (expected +0.8%) & +0.3% m/m (expected +0.3%)
• IMF says further, gradual, BOJ short-term rates hikes should continue, data dependent
• Morgan Stanley says the Federal Reserve will cut, not ‘if but when’
• New Zealand Card retail sales (April) -0.4% m/m (prior -0.7%) & -3.8% y/y (prior -2.3%)
• Can’t wait for the US CPI data? Tuesday will bring PPI data (and a surprise from the Fed)
• UBS owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT)
• Goldman Sachs CEO Solomon says US dollar reserve status is under zero threat
• Forexlive Americas FX news wrap 13 May: Oh No Roaring Kitty returns and dominates chatter
• Rate cut? The Bank of England Monetary Policy Committee won’t be rushed
• HSBC say dip in risk assets is “increasingly in the rear view mirror” – back to Goldilocks
• US stocks end the session mixed. Nasdaq higher. Dow lower. S&P near unchanged
• Trade ideas thread – Tuesday, 14 May, insightful charts, technical analysis, ideas

USD/JPY
approached, but didn’t get to, 156.50
during Tokyo morning trade. The
climb was slow and steady. It’s the rapid moves Japanese
authorities are more concerned about. Nevertheless, we did get some
jawboning from
Japan’s finance minister Suzuki. His
comments were of the usual variety, with nothing too threatening. As
such they had little impact.

From
Japan also today were PPI data. This came in as expected for the m/m
rise but slightly higher than expected for the y/y.

News
and data flow otherwise was light and barely impactful.

Across
major FX the US dollar is up a few tics. CAD, NZD and AUD are notably
lower.

Oil
is down small. Gold rallied a few dollars.