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Currency market shifts as Japanese officials hint at intervention

EditorAmbhini Aishwarya
Published 11/01/2023, 01:37 AM
Updated 11/01/2023, 01:37 AM

In the latest development in the currency market, the USD/JPY experienced a dip from 151.70 to under 151.20 following hinted intervention by Japanese officials. Officials Kanda, Suzuki, and Matsuno expressed their concern against "one-sided," "speculative," and "disorderly" movements, which led to this shift.

Following this, the AUD and NZD rebounded after initial depreciation against the USD. Particularly, the NZD/USD pair was influenced by the Q3 employment report which detailed below-median wage gains and a higher unemployment rate. Interestingly, these trends remained unaffected by the Reserve Bank of New Zealand's Financial Stability Report.

Meanwhile, October's S&P Global manufacturing Purchasing Managers' Index (PMI) reports indicated continued contraction in Australia and Japan. In a notable turn of events, China also transitioned from expansion to contraction, as reflected in its PMI data. The PMI is a key indicator of economic health, reflecting private sector company performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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