ForexLive European FX news wrap: Yen stays pinned down after BOJ presser

BOJ press convention:

Headlines:

Markets:

• USD leads, JPY lags on the day
• UK FTSE flat; S&P 500 futures up 1.1%
• US 10-year yields down 3.8 bps to 4.136%
• Gold down 2.5% to $3,203.53
• WTI crude down 2.2% to $56.92
• Bitcoin up 1.8% to $96,241

There wasn’t an excessive amount of in European buying and selling in the present day amid a vacation at the side of Labor Day.

BOJ governor Ueda’s press convention not less than helped to maintain issues a bit attention-grabbing, as he delivered extra dovish remarks on the financial system and inflation. That’s resulting in markets fascinated with an additional pause on charges in June subsequent, following the choice in the present day.

USD/JPY nudged increased from 144.20 to 144.75 throughout the presser and remains to be largely holding good points, seen up 1% at 144.50 ranges now.

Apart from that, there wasn’t an excessive amount of motion within the FX area. The greenback is protecting steadier throughout the board, however largely little modified in opposition to the opposite main currencies. EUR/USD is evenly down by 0.1% to 1.1320 however was hovering round 1.1300 on the tail finish of Asia buying and selling. In the meantime, GBP/USD is flat at 1.3325 and USD/CAD simply up barely by 0.2% to 1.3823 presently.

In different markets, US futures are protecting increased after the late rebound from Wall Road yesterday. And the temper is helped by a soar up in tech shares after stronger earnings from Meta and Microsoft.

We had US Treasury secretary Bessent out with some remarks as nicely however nothing that’s too significant, primarily only a repeat of what we have heard earlier than. It is now extra about strolling the stroll, not speaking the discuss.

The bond market can also be persevering with to carry the calm, in order that’s protecting the chance temper in a greater spot to begin the month.

Within the commodities area, gold is pushed down because it breaks away from its latest consolidation. The $3,200 degree is now eyed subsequent amid the break from the short-term technical vary over the previous week or so.

Oil was a little bit of a standout mover because it dipped right down to a low of $56.40 as considerations proceed to develop on a number of fronts on the oil market.