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BOJ Offers Verbal Support, Extends the Yen's Pullback
The calls earlier this week for an emergency rate cut seemed to be a call for the Fed put, which, we argue is misunderstood. It is not about the stock market per se but financial stability, which did not seem threatened in the US. Japan is a different story, and the Bank of Japan offered a verbal put today, with an indication that it wants to maintain low (accommodative) rates. The markets reacted accordingly. The yen was sold (and dragged down the Swiss franc as well). The dollar-bloc currencies and Scandis are trading higher, while the euro and sterling are consolidating. The Mexican peso, which has been beaten ... (full story)
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From @PiQSuite|Aug 7, 2024|1 commentpost:
ECB'S REHN: **RATE CUTS WOULD NOT HURT EUROZONE'S FRAGILE GROWTH AND SUBDUED INVESTMENTS WHICH I AM CONCERNED ABOUT **MY UNDERSTANDING OF RECENT MARKET TURMOIL IS THAT IT WAS MORE ABOUT A MARKET OVERREACTION TO UNCERTAINTY AND THIN LIQUIDITY THAN FUNDAMENTAL ECONOMIC…
From xm.com|Aug 7, 2024USDJPY showed signs of life on Wednesday, forcefully bouncing above the 144.57 bar that had limited Tuesday’s gains following the flash spike to 146.35. There is still a chance ...
From puprime.com|Aug 7, 2024|1 commentThe Japanese Yen eased on Wednesday morning after the BoJ Deputy Governor indicated that the Japanese central bank would not raise interest rates if global markets remained ...
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From @zerohedge|Aug 7, 2024post: *MIMURA: IMPORTANT FOR FX TO REFLECT FUNDAMENTALS, MOVE STABLY *MIMURA: LOOKING AT FX VOLATILITY RATHER THAN LEVEL post: JAPAN'S TOP CURRENCY DIPLOMAT MIMURA: WE SHOULDN'T BE PANICKED ABOUT THE MARKET SITUATION. post: JAPAN TOP FX DIPLOMAT MIMURA: CLOSELY MONITOR FINANCIAL MARKETS WITH SENSE OF URGENCY AS WELL AS WITH CALMNESS || WILL CONTINUE TO COOPERATE WITH BOJ, OTHER GOVERNMENT AGENCIES || NO CHANGE IN POLICY STANCE FROM PREDECESSOR, INCLUDING INTERVENTION post: JAPAN'S TOP CURRENCY DIPLOMAT MIMURA: EXCESSIVE VOLATILITY INCREASES UNCERTAINTIES AND REDUCES PREDICTABILITY FOR BUSINESSES.
From bankunderground.co.uk|Aug 7, 2024|1 commentShort term interest rate (STIR) futures are the bedrock of interest rate markets, used to price expectations of central bank policy rates and other UK rate derivative markets such ...
From cnbc.com|Aug 7, 2024|1 commentThe U.S. Federal Reserve does not need to make an emergency rate cut, despite recent weaker-than-expected economic data, according to Claudia Sahm, chief economist at New Century ...