Daily digest market movers: One eye on USD/JPY
- During the Asia-Pacific (APAC) trading session, both Bank of Japan governor Kazuo Ueda and Japanese Minister of Finance Shunichi Suzuki made comments on the Japanese Yen.
- BoJ President Ueda said that monetary policy is not controlling forex.
- Finance Minister Suzuki contradicted that stance by saying that more actions will be needed if excessive moves occur again, adding that there is no line in the sand and interventions could take place at any moment or level, Bloomberg reported.
- This Wednesday kicks off around 11:00 GMT with the weekly Mortgage Bankers Association release of the Mortgage Applications survey for May 3. Mortgage applications declined 2.3% the previous week.
- Around 14:00 GMT, Wholesale Inventories data for March are set to be released. The preliminary reading points to a 0.4% decrease and economists expect it to be confirmed.
- The US Treasury is auctioning one of the benchmark notes: a 10-year auction at 17:00 GMT. Previous level was around 4.56% with the 10-year US Note trading at 4.47%.
- As mentioned in the above paragraph, a set of Fed speakers taking the stage this Wednesday:
- Fed’s Vice Chair Philip Jefferson will speak around 15:00 GMT.
- Fed’s Boston President Susan Collins is expected to speak around 15:45 GMT.
- Fed Governor Lisa Cook will discuss the Fed’s latest semi-annual Financial Stability Report in DC at 17:30 GMT.
- A red day is in the making in Asian equity markets after comments from Bank of Japan governor Kazuo Ueda and Japanese Minister of Finance Shunichi Suzuki. Both the Japanese Nikkei and Topix indexes closed over 1.5% in the red. Europe is trading flat while US futures are looking for direction.
- The CME Fedwatch Tool suggests a 91.1% probability that June will still see no change to the Federal Reserve's fed fund rate. Odds of a rate cut in July are also out of the cards, while for September the tool shows a 49.0% chance that rates will be 25 basis points lower than current levels.
- The benchmark 10-year US Treasury Note trades around 4.47%, in the middle of Monday’s range.
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