Forexlive Asia-Pacific FX news wrap – continuation moves in small ranges

Rising bond yields, in the US and globally, kicked on by a hawkish Brainard during US time on Tuesday, continued here during the session.
FX moves extended also. Notably, EUR/USD dropped under 1.09 and USD/JPY rose (briefly) above 124.00. The ranges were not large.

China returned from its 4-day weekend today. The Shanghai Composite and Hong Kong’s Hang Seng both fell. Coronavirus news from China was grim, with record case numbers for Shanghai and the country as a whole. Renewed testing of Shanghai’s 26m or so residents started today with city authorities saying the lockdown will remain in place until testing is done. Economic data from China today was the Caixin Services PMI for March, this plunged into deep contraction. And the coronavirus situation in China has only worsened since March.

The oil price steadied to a little higher. Gold is little changed.

Bitcoin dropped under US$45K but has rebounded to above there as I post. The US Treasury announced that Secretary Yellen would be speaking on crypto on Thursday, 7 April (see bullets above).