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Japan’s officials would like to think they have slowed the decline of the yen to a degree on Thursday, following their latest threats of intervention. However, traders could simply be taking a cautious approach ahead of Friday’s US inflation report, which is keeping USD/JPY just below its 38-year high.
The dollar selloff with given a reprieve overnight following hawkish comments from Fed member Christopher Waller.
The White House has confirmed the two leaders will speak at 13:00 GMT, and futures markets have pulled slightly ahead of the open.
The significance of OPEC’s meeting has diminished somewhat with Russia stealing headlines, and four key members intending to stick to raising output by 400k bpd.
Whilst Joe Biden did not announce his decision for the Fed Chair “within four days”, a Whitehouse spokesman says it will be announced before Thanksgiving on Thursday.
We saw some decent moves in currency markets overnight, and some interesting comments from central bank governors. Up next is Xi vs Biden, then over to RBA Governor Philip Lowe.
Well, not quite. But they are having a virtual meeting, which is a single baby-step in the right direction.
Biden sealed a bipartisan deal to lift the US share market, a dovish BOE sent GBP lower and the ASX 200 shows signs of stability after its two-day sell-off.
The infrastructure spending bill equals more stimulus for the economy
US indices fell overnight as Wall Street traders are no doubt ‘miffed’ on news that the Biden Administration plans to almost double capital gains tax on high earners.
"Sources" say Biden to propose increase in capital gains tax on wealthy
Reports that another huge spending bill from the Biden administration is on the way, whilst yields stopped moving higher helped to support Wall Street overnight.
Weekend news could strike a positive tone this week as the House passed Biden’s COVID-19 relief package and the FDA approved Johnson and Johnson’s one-shot vaccine.
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