Overview: The US dollar is mixed, but the
spotlight is on the Japanese yen. It appears that with the market challenging
Monday’s intervention, Japanese officials entered the market shortly after the
US equity market closed yesterday, as the Asia Pacific session got underway and
sold dollars again. Initial estimates suggest the intervention amount was
two-thirds of Monday’s. The timing caught the markets wrongfooted. Tokyo
markets are closed Friday and Monday, but yesterday’s operation will likely
make the market cautious about challenging Japanese officials without good
cause. Most emerging market currencies are firm, but central European
currencies are softer. The offshore yuan is trading stronger than the onshore
yuan for the first time this year. Mainland markets re-open
2024-05-02