Chinese State Banks Act to Strengthen Yuan Amidst Bitcoin Decline

Major

FX traded in narrow ranges again today. USD/JPY was once again a focus after the rally on Monday took it to highs circa 151.75. After a small pullback, it traded slightly above 151.75 during the session here.

Intervention Updates

• Japan's monetary base expanding 1.6% y/y in March, from 2.4% in February.
• Japanese Finance Minister Suzuki's comments on intervention with little impact.

Australia's Economic Insights

1. RBA March minutes confirmed a move towards a neutral bias without discussions of a rate hike.
2. Australian private survey indicates a drop in inflation for March.

Conclusion: Chinese state banks intervene in supporting the yuan amidst a decline in Bitcoin, while Australia's economic indicators influence market sentiments.