Currency market shifts as Japanese officials hint at intervention
AUD/USD
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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.
