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ForexLive Asia-Pacific FX news wrap: China leaves prime rates on hold, marks down CNY |

for Q1 GDP from New Zealand today indicated the country had emerged
from recession with 0.2% growth q/q and 0.3% y/y, both of which also
beat estimates. The details of the growth are weak.

popped above 0.6145 on the data release but has since retraced that
small gain.

A survey of firms in Japan found only 7% believe PM Kishida’s pledge to have wages grow faster than inflation is achievable, see bullets above for more on this. USD/JPY has crept a little higher on the 158 big figure today, not much though.

China today we had further signs that the People’s Bank of China is
relaxing its grip on propping up the CNY, just a little. The USD/CNY
reference rate was set at the weakest (for the CNY) since November
last year. Also from the PBoC
the one- and five-year Loan Prime Rates (LPRs). They remained
unchanged from May:

  • 3.45%
    for the one year

    • and
      for 10 months
  • 3.95%
    for the five year

    • this
      was cut in February from 4.20%

offshore and onshore yuan traded softer on the session.

major FX ranges were very small.

await the Swiss National Bank and Bank of England monetary policy
decisions. There are wide expectations for a cut from the SNB, though
this is by no means locked in, and a hold from the Bank of England,
which does seem very likely.

US markets are open as normal for the balance of the week from today.

Offshore yuan:

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