Market Insights Podcast – JPY verbal intervention intensified with US PCE inflation & French election looms

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. We kicked off the week with the another weak JPY backdrop where it continued to seek a retest on its 34-year low against the US dollar at the 160.00 per USD handle. This recent bout of JPY weakness has prompted Japan top currency official, MoF Vice Finance Minister Kanda to issue a firmly worded verbal intervention in today’s early Asian session that stated Japan could intervene in the FX market, 24 hours a day if needed in the event of excessive moves based on speculations.

On the top of FX intervention, the primary focus this week will be the release of the US core PCE inflation data for May that could shape the future expectations of US Fed funds rate where the short-term  interest rate futures market has priced in the first cut to come in the September’s FOMC meeting. Lastly, it will be geopolitical risk out from Eurozone as France goes to the polls this Sunday, 30 June for the first round of the French legislative elections.



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Kelvin Wong

Kelvin Wong

Senior Market Analyst, OANDA at OANDA
Based in Singapore, Kelvin Wong is a well-established senior global macro strategist with over 15 years of experience trading and providing market research on foreign exchange, stock markets, and commodities.

Passionate about connecting the dots in the financial markets and sharing perspectives around trading and investment, Kelvin Wong is an expert in using a unique combination of fundamental and technical analyses, specializing in Elliott Wave and fund flow positioning, to pinpoint key reversal levels in the financial markets.

In addition, over the last ten years, Kelvin has conducted numerous market outlook and trading-related seminars, as well as technical analysis training courses, for thousands of retail traders.