Published at 01:41 (GMT) 10 Apr
USD/JPY Fixing set at 102.06.
BoK keeps Base Rate unchanged at 2.50% for 11th month, under new Governor Lee Ju-yeol.
On FX, USD/JPY lower after go-to-bi Nakane fixing demand filled. USD/JPY down at 101.92-95, but bid at 101.70-80, offers still at 102.10-20, weak stops above 102.30. Focus on USD/KRW, JPY/KRW - as KRW continues to make fresh highs. USD/KRW extended losses to 1,032.0 - after the clear break of 1,050/40. Possibly as BoK allows for some KRW rise given current broadly weaker USD, dovish Fed. USD/KRW at lowest level in 5-year 8-months since Aug 12 2008 1,030. Focus on any BoK bids, intervention at 1,030 lows as BoK and MoF seen warning about herd behaviour. Warning markets they are watching FX closely.
USD/KRW support at 1.030 for now. JPY/KRW under pressure on USD/KRW fall and inflows into KRW, assets. JPY/KRW at 3-month lows 10.122/142 levels, lowest since Jan 10 10.0934. Support at 10.00-10, resistance now at 10.50. Eye any BoK intervention in USD/KRW to curb KRW rise vs USD, JPY. WL
Recommended Content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD meets support around 1.0650
EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Ethereum plunges outside key range briefly as US Dollar Index gains strength
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.