ForexLive Asia-Pacific FX news wrap: Gold continues its slide
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Gold continued to slide during Asian trading on April 23, 2024, dropping below $2,300 with no fresh news as a catalyst. The US is reportedly drafting sanctions that could cut some Chinese banks off from the global financial system due to their involvement in Russia's war on Ukraine. Japan's finance minister Suzuki stated that discussions in Washington laid the groundwork for Japan to take appropriate FX action. The Bank of Japan Governor Ueda reiterated the BOJ's intention to raise its benchmark interest rate if underlying inflation rises toward the 2% target. The US stock market slide is not over, according to JP Morgan's Kolanovic. Vanguard's base scenario is a "deferred landing" for the US economy with less aggressive Fed cuts. BlackRock's Rieder sees the Federal Reserve being able to lower interest rates twice this year. The Swiss National Bank is being urged to include cryptocurrency in their reserves. Australia's preliminary PMI Manufacturing for April was 49.9 (prior 47.3) and Services was 54.2 (prior 54.4). Japan's preliminary PMI Manufacturing for April was 49.9 (prior 48.2) and Services was 54.6 (prior 54.1).

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