ForexLive Asia-Pacific FX news wrap: Trump to begin issuing tariff notification letters ...Middle East

Heads up - Bank of England Governor Andrew Bailey is speaking over the weekendUS reopens jet engine exports to China in sign of thawing trade tiesBOE Monetary Policy Committee member Taylor is speaking on interest rates on FridayGoldman Sachs has revised down its US Treasury yield forecastsICYMI:China plans National Childbirth subsidy amid population decline.Australian Household Spending May 2025 +4.2% y/y (expected +3.5%), +0.9% m/m (exp +0.5%)PBOC sets USD/ CNY reference rate for today at 7.1535 (vs. estimate at 7.1688)Trump says willing to let migrants stay who are vouched for by the farmers they work forIndia bars Jane Street from accessing its securities market- Bloomberg NewsReuters poll: 31 of 37 economists expect cut to RBA cash rate by 25bp next weekYen adding on a few points after the spectacular beat for Japan household spending dataJapan data - May household spending +4.7% y/y (expected +1.2%, prior -0.1%)China’s Wang Yi downplays EU concerns over rare earth export controlsBarclays has raised its Brent crude oil forecast to US$72/bbl for 2025US Congress: House declares July 14 week “crypto week”, to advance key digital asset billsReminder - not all US markets are closed for the holiday (Globex open limited hours)Hong Kong central bank intervening to support the HK dollar, buying HKDTrump says will begin sending letters on trade tariffs starting FridayForexlive Americas FX news wrap: Non-farm payrolls beat the consensusPoll: Analysts expect the Reserve Bank of New Zealand to hold rates at 3.25% on July 9Trade ideas thread - Friday, 4 July, insightful charts, technical analysis, ideas

Consumption and wage trends are closely watched by the BoJ. Japanese firms have agreed to raise wages by 5.25% this year, but real wage growth remains under pressure from elevated living costs. The BoJ is also monitoring the global outlook, including the potential fallout from Trump’s renewed tariff push. While markets currently expect the next BoJ rate hike in 2026, more data like today's could bring that timeline forward.

In the U.S., Trump spoke in Iowa late Thursday, signalling a potential shift on immigration. He said he’d be open to allowing migrants to stay if they’re vouched for by the farmers they work for — a notable softening that could ease labour shortages in agriculture.

Otherwise, it was a quiet session. Markets were subdued ahead of the U.S. holiday, and major FX pairs mostly stuck to narrow ranges.

USD/JPY up

This article was written by Eamonn Sheridan at www.forexlive.com.

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