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Summary – May 02

LATAM
  • Brazil March current account and FDI figures cross on Thursday, followed by March IMACEC economic activity for Chile. April manufacturing PMIs will also be published across the region, while Banxico releases its latest economist survey. In the US, focus turns to weekly jobless claims data, March trade balance as well as final durable goods orders for March. ECB's Lane is set to speak after the US markets close. There are no scheduled Fed speakers following yesterday's rate decision.
  • JPY – Another suspected intervention by Japanese authorities to support the yen, this time in late New York trading, ran into resistance from traders keen to keep selling the currency. The yen weakened as much as 1.1% against the dollar to 156.28 in Asia trading, inching closer to levels before the possible intervention.
  • Global News:
    • JAPAN – Japan’s top currency official Masato Kanda declined to comment on whether intervention was behind the sudden movement in dollar/yen rates overnight, Nikkei reports. Speaking to reporters in Tbilisi, Georgia, Kanda says excessive fluctuations have a major impact on the Japanese economy. Kanda says he’s ready to respond as necessary on a 24-hour basis even while he is overseas.
    • US (MNI) – The Fed made clear Wednesday it is prepared to keep interest rates on hold for as long as needed as policymakers bemoaned a loss of momentum in the fight against inflation, although Fed Chair Powell deemed additional increases in borrowing costs unlikely. The case for a series of cuts in 2024 weakened after three months of firmer-than-expected inflation data, Powell said.
    • US / SAUDI ARABIA – The US and Saudi Arabia are nearing a historic pact that would offer the kingdom security guarantees and lay out a possible pathway to diplomatic ties with Israel, if its government brings the war in Gaza to an end, people familiar with the matter said. Negotiations between Washington and Riyadh have sped up recently, and many officials are optimistic that they could reach a deal within weeks.
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