USD\/JPY is now down 1.6% to 157.60 and that marks about a 300 pips decline from when Japan finance minister Katayama came out earlier to deliver one final intervention warning to markets. Of note, the pair is seeing a sharper decline in the past half-hour with that accounting for about half of the drop.<\/p>\n
But at the same time though, it comes as the dollar is also sliding across the board against other major currencies. USD\/CHF is down 0.6% to 0.7860 while AUD\/USD is up 0.5% to 0.7150 on the day. Even EUR\/USD is now up 0.2% to 1.1700 after having been relatively muted earlier on in the session.<\/p>\n
As much as I’d like to pin this to Tokyo intervening, the price action doesn’t really feel like it is one. We’re seeing tiny bounces in USD\/JPY amid the sustained volatility in this 30 minutes and that doesn’t quite fit the bill with actual intervention attempts. Typically, you’d see a quick and sudden 200-300 pips drop with no pushback whatsoever. So again, this could be a case of a ‘rate check’ being performed.<\/p>\n
Circling back to the dollar though, the timing of all this is a bit tricky. Let’s be reminded that this is also the end of April and month-end flows could also be a big factor driving part of the market move here. From earlier this week: Strong dollar selling expected for this month-end – Credit Agricole<\/a><\/p>\n Besides that, equities remain in a bit of a bind but holding steadier overall. S&P 500 futures are up 0.2% while European indices are keeping more mixed with the DAX up 0.3% but CAC 40 down 0.6% on the day.<\/p>\n","protected":false},"excerpt":{"rendered":"USD\/JPY is now down 1.6% to 157.60 and that marks about a 300 pips decline from when Japan…\n","protected":false},"author":2,"featured_media":638657,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":["post-638656","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/638656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=638656"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/638656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/638657"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=638656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=638656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=638656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}