Date: 11th September 2023. Market Update – September 11 – BOJ & PBOC Caused Turmoil. G20 wraps up, while in Asia central banks have shaken the markets this morning. Verbal intervention from Japan and China helped to bolster Yuan and Yen and saw the DXY dollar index correcting to 104.637, from a close of 105.09 on Friday. Treasuries fell slightly across tenors Monday as traders await US inflation due later this week. Stock markets had a mixed start to the week, while bonds corrected, as most equity indexes found buyers. This turned USDJPY around, with Yen rallies with Yields after BOJ Ueda comments on negative rates fuelled rate hike speculations. USDCNH collapsed just before hitting last year’s highs – Yuan off 16-year lows after PBoC sets strong reference rate and threatens to punish market disruption. FX – USDIndex correcting to 104.45, from a close of 105.09 on Friday, EURUSD turned higher to 1.0730 from 1.0683 lows last week, GBPUSD broke 20-day SMA and still holds above it at 1.2526. Against the weaker US Dollar, the Aussie and the Kiwi were among the biggest beneficiaries, each rising close to 1% to hit roughly one-week highs. Stocks – JPN225 correcting -0.4% and the Hang Seng losing more than 1%, the latter in catch up trade, after markets were closed on Friday due to adverse weather conditions. The CSI 300 managed to lift 0.7%, the ASX 0.5%, and futures are higher in Europe and the US. Commodities – USOil dips shortlived after technical rally, however it remains above the key $84 level, extending gains above 11-month resistance. Currently settled at $86.56. Gold retests $1930 once again. Today: The European Commission is to release its summer interim economic forecast. The central bank’s chief economist Huw Pill speaks at the Kent Invicta Chamber of Commerce. Key Movers: USDJPY drifted (-1.18%) after BOJ Governor Kazuo Ueda stated that there may be sufficient information by year-end to judge if wages will continue to rise, which is a key factor in deciding whether to pare back its super-easy policy. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.