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

New Zealand’s first quarter GDP data released today showed the country emerged from recession with growth of 0.2% quarter-on-quarter and 0.3% year-on-year, both better than expected. Growth details were weak.

NZD/USD rose above 0.6145 on data release before giving back modest gains.

A survey of Japanese businesses found that only 7% believe that Kishida’s promise to increase wages faster than inflation is achievable. See bullet point above for more details. USD/JPY is just above the big 158 today, but not by much.

There were further signs today from China that the People’s Bank of China is easing up a bit on the pressure to support the Yuan. The USD/Yuan reference rate was set at its lowest level (against the Yuan) since November of last year. The Bank also announced the 1-year and 5-year Loan Prime Rates (LPR), which are unchanged from May.

  • 3.45% for one year
    • No change for 10 months
  • 3.95% over 5 years
    • This was cut from 4.20% in February.

The yuan weakened during the session both offshore and onshore.

The overall primary FX range was very small.

We are awaiting monetary policy decisions from the Swiss National Bank and the Bank of England. A rate cut by the Swiss National Bank is widely expected but is by no means confirmed, while a rate cut by the Bank of England seems all but certain.

US markets are open as usual from today through the rest of the week.

Offshore Yuan:

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