ForexLive Asia FX news wrap: USD weakens a little

There
was plenty of information flow swirling during the Asia timezone.

Early
in the session Russian Foreign Minister Lavrov warned of serious and
real risks of nuclear war. Market response seemed subdued and jaded.

Musk’s
purchase of Twitter continued as a hot topic.

USD/JPY
dropped for late US levels circa 128.15 to lows just under 127.40. It
stabilised in the a 40/60ish range and has since clawed back towards
128.00. The Japanese finance minister said reports the US and Japan
had discussed joint intervention were false (these reports did the
rounds last week).




Minister
Suzuki went on with familiar comments about wanting stable FX and a
not rapidly dropping yen.

The
USD lost ground against EUR, AUD, NZD, GBP, CAD. Oil gained further
and even gold has inched just a touch higher.




The
USD is a little net heavier on the session.

The
People’s Bank of China said it’d be providing further monetary
support to the real economy. The Bank cut its FX RRR (this is not the
RRR cut we are looking for) as a yuan-supportive measure (both CNH
and CNY were




on
the




weak





side
of the ledger




again
today




but
have stabilised somewhat and as I update CNH has ticked a little
higher). Chines equities found a wee bid on the day.

Offshore yuan update: