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The Asia-Pacific session traded in a calm tone. Investors are holding their breath ahead of Wednesday’s FOMC rate decision and Powell’s press conference.
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Volatility in the forex market is low. However, in the first part of the day the Japanese yen stood out with gains (USDJPY −0.27%), while the Australian dollar declined (AUDUSD −0.05%).
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A U.S. court rejected Trump’s complaint against Fed Governor Lisa Cook, allowing her to participate in the FOMC meeting (an appeal is possible).
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Trump’s Fed nominee, Stephen Miran, was confirmed by the Senate and will take part in the meeting.
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Chief Cabinet Secretary Hayashi said Tokyo is pleased with the implementation of the U.S. trade agreement, presenting the pact as proof of solid bilateral relations. His remarks coincided with yen strength.
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Treasury Secretary Bessent said the U.S. will not impose tariffs on China for Russian oil unless Europe does the same. Trump is pushing for the EU to impose 50–100% tariffs on China and India to cut Moscow’s revenues.
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The U.S. is considering tougher sanctions on Russian oil companies and potential use of $300bn in frozen Russian assets to finance Ukraine.
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Deputy Governor Sarah Hunter said that inflation in Australia is close to returning to target and risks are balanced. Consumption has improved slightly, the labor market remains near full employment, and core inflation is broadly in line with forecasts.
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On September 18, the Bank of England will decide on interest rates, one day after the Fed’s decision. The baseline scenario is to keep rates at the current level of 4.00%. 42 economists expect a cut in Q4; 3 see 50bp; 22 do not expect cuts in 2025.
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