The yen weakened in Asia with USD/JPY rebounding toward 147.50 in what looked like a retrace of Friday’s Powell-driven drop. Broader FX moves were modest, while upbeat New Zealand retail sales highlighted the boost from lower RBNZ rates. Asia-Pacific equities gained on Powell’s signal that a September Fed cut remains in play.
HSBC raises China equity targets on abundant liquidity, sees SHCOMP at 4,000 in 2025Heads up for a UK holiday today - London markets closedGoldman Sachs raises Chinese AI-chip giant Cambricon’s target price by 50%,Japan finance minister Kato: Will establish appropriate environment for crypto assetsNomura boosts conviction on USD/JPY short after Powell’s dovish tone, eyes 142 by OctoberHedge funds slash oil longs to 2008 lows as sanction risk eases, supply fears growPBOC sets USD/ CNY reference rate for today at 7.1161 (vs. estimate at 7.1551)Pantheon: Powell's big shift signals jobs risk; Fed seen cutting rates three times in 2025Goldman Sachs - Powell warns of rising job market risks as GDP growth slowsKeurig Dr Pepper nears $18bn deal for JDE Peet’s, plans split of coffee and beverage unitsEvergrande delisted in Hong Kong, sealing fall of China’s $50bn property giantICYMI - Starbucks to cut U.S. coffee plant output by two days every week - demand softensNew Zealand data - Q2 Retail Sales +0.5% q/q (vs. expected +0.2%)First U.S. human screwworm case confirmed in Maryland, sparking livestock market concernsFed’s Musalem: More data needed before deciding on September rate cutGlobex is open! US equity index futures inch a little higher then back it upICYMI - Italy’s Tajani urges ECB cuts, QE revival and SME credit boost to aid industry!ICYMI - ECB’s Nagel: ‘High bar’ for further rate cuts with eurozone in equilibriumECB's Lagarde: Eurozone jobs resilient as inflation falls with little cost to employmentVon der Leyen: EU–US trade pact for averting escalation, easing risks for euro, exportersECB’s Kazaks: Rates in ‘good place’ as officials shift focus to monitoring economyBOE’s Bailey: Weak participation, productivity leave UK with ‘acute growth challenge’BOJ’s Ueda: More women, foreign workers needed as aging Japan faces labor squeezeReuters cite five sources as saying the ECB may begin cutting rates again later in 2025Monday open levels, indicative FX prices, 28 July 2025 -Newsquawk Week Ahead: US PCE, PBoC MLF, ECB minutes, Aus CPI, Canada GDP, NVDA earningsNVDA earnings on Wed. Consider hedging.investingLive Americas FX news wrap 22 Aug: Markets cheer on Powell tilt (for now)The yen led moves in Asia, with USD/JPY climbing from sub-146.75 to around 147.50 before flattening. The move appeared to be a retrace of Friday’s post-Powell drop, rather than a response to fresh news. BOJ Governor Ueda spoke over the weekend and hinted at the potential for further rate hikes, a yen-supportive signal.
The dollar’s strength spilled over modestly into other pairs, with EUR/USD edging lower and early weakness in AUD, NZD, and GBP later retracing. On the data front, New Zealand retail sales surprised to the upside in Q2, a sign that lower RBNZ rates are boosting household consumption and supporting recovery.
Across equities, Asia-Pac markets traded mostly higher, buoyed by expectations that Powell’s Jackson Hole remarks have left the door open to a September Fed rate cut.
Asia-Pac stocks:
Australia (S&P/ASX 200) +0.3%Hong Kong (Hang Seng) +1.9%Shanghai Composite +1.2%Japan (Nikkei 225) +0.25%Cattle and livestock traders will want to note that the first U.S. human screwworm case was confirmed in Maryland. Screwworms are parasitic flies that lay eggs in open wounds, with larvae burrowing into living flesh. In animals, infestations can be fatal if untreated.
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