ForexLive Asia-Pacific FX news wrap: Gold surges to over US$2260

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It
was an active day for data flow here in Asia, which didn’t
translate into too much FX rate movement. Holidays continued in some
local centres with Hong Kong, New Zealand and Australia all out.
Holidays will persist too into Europe and the UK but US markets are
back; stocks, bonds, and FX open. Globex is already open for Sunday
evening in the US as normal. As a heads up, ICYMI, much of Europe and
the UK switched onto daylight saving over the weekend.

From
Japan today we had the Q1 Bank of Japan Tankan report. It painted a
picture of a rather subdued economy. The inflation expectations part
of the survey showed firms still expecting above target (the BOJ 2%
target) inflation. We also had verbal intervention comments from
Japanese finance minister Suzuki and also from Prime Minister
Kishida. USD/JPY has traded in a small range only during the session.

Over
the weekend were official PMIs for March from China. Manufacturing and
non-manufacturing improved and both are now in expansion. The
improvement for manufacturing was impressive, rising 1.7 points from
February. On Monday came the Caixin/S&P Global Manufacturing PMI
which improved marginally and remained in expansion.

Across
major FX the early move, upon the opening of Globex and higher US
equity index futures, was for a weaker USD. This has since more or less
unwound and there is not a lot of net change to report on the day.

Gold the performer on the day:



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