Yen jumps on second suspected Japanese authorities intervention
A few hours after the Fed decision, in a quiet period for USD/JPY, the yen rose against the greenback on what traders suspected was another round of intervention by Japanese authorities.
The Federal Reserve
The Federal Reserve has signalled that US borrowing costs are likely to remain higher for longer as it wrestles with persistent inflation. It held interest rates at 5.25% to 5.5%, a 23-year high that has been in place since the summer of 2023. The Federal Open Market Committee said there had been "a lack of further progress" towards its 2% inflation goal in recent years.
USD/JPY
A few hours after the Fed decision, in a quiet period for USD/JPY, the yen rose against the greenback on what traders suspected was another round of intervention by Japanese authorities. The dollar fell as low as 153 yen from about 157.55 yen.
The US job report
Now currency traders await the US job report on Friday. For April, economists expect 243,000 job creations, with the unemployment rate remaining at 3.8%. Average hourly earnings are forecast at 0.3% month-over-month (MoM) and 4% year-on-year (YoY).
Shell
Shell announces a share buyback programme of $3.5 billion over the next three months as earnings beat expectations in the first quarter.
Standard Chartered
Standard Chartered Q1 earnings came in stronger than forecast. The lender benefited from high interest rates in its core. Underlying profit before tax rose 27% to $2.13 billion, beating estimates of $1.55 billion, underpinned by a 5% increase in net interest income to $2.4 billion for the quarter.
Ebay
eBay shares lost 4.2% in after-hours trading as the current quarter revenue forecast missed forecasts. It expects revenue in the range of $2.49 billion to $2.54 billion for the quarter ending in June. Analysts, on average, were expecting $2.56 billion.
Qualcomm
QUALCOMM rose 3% in extended trading. The world's biggest supplier of chips for smartphones posted earnings of $2.44 per share on revenue of $9.39 billion, beating expectations on both lines. It also forecast quarterly sales and adjusted profit above Wall Street expectations.
Apple
Apple reports its fiscal second-quarter earnings after the bell on Thursday evening. Earnings are anticipated at $1.50 per share and revenue at $90.32 billion. Analysts will be focused on Apple's iPhone business in China, which has faced a surge in competition over the past twelve months, as well as its capital return plans and guidance as it prepares to release its next-generation iPhone later this year.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
