coming next it dived into fx markets. -- a dived into fx markets.just heard from china's top currency diplomatic talking about they are not ruling out any actions when it comes to these rapid moves in the yen as it moves past 153 in the previous session. this is bloomberg. ♪ haidi: take a look at the japanese yen. far from triggering intervention. we saw the 152 level crossed without reaction, it crossed 153, as well. pulling back. 152.8 that is where we are sitting. we are seeing that level being held as we hear from japan's top currency diplomatic talking about the fact that these excessive moves are bad for the economy. they are not judging based on specific levels but they are prepared to address any event and will take the appropriate steps. they are not ruling out any of these access moves. the excessive moves in the yen from the beginning of the year are significant. the benefits of the weaker yen which we have seen play out in commodity markets, they are decreasing at these levels. mark olson is our fx and writz reporter and transits us for

i am not missing not being fx. fx volatility will return.e a pickup in fx volatility and that were process. i do not think the fed will cut this year. until we get with that program i think the dollar will stay strong. i think ultimately when we realize the fed is not going to cut it is not a dollar strong world. haslinda: no cuts this year? mark: i have been there for a month. i think we are in a no landing world. ever since the fed ramped up the economy by giving an extremely dovish message at a time when they are saying we want to cut even when the economy is strong. that was basically saying we are in a no landing market. haslinda: ouch. mark cudmore saying no lending, no rate cut this year. still to come, we discussed the key issues at stake in india's general elections with only a few days to go before the first ballots are cast. this is bloomberg. ♪ haslinda: india kicking office trading day under rascher along with the rest of the region. the nifty index under pressure, down .7% each. the indian rupee at a record low versus the usd,

if the market test the bank ofjapan's fx terms. again and actually tries to push that yen up... it actually tries to push that yen u - . .. , , ., , up... it is interesting to see it -la out up... it is interesting to see it play out in — up. .. it is interesting to see it play out in real— up... it is interesting to see it play out in real time. - up... it is interesting to see it play out in real time. the - up... it is interesting to see it i play out in realtime. the policy play out in real time. the policy responses limited, because tell us about the state of the economy. heavily in debt, so they have to be careful, so the options are few and far between. careful, so the options are few and far between-— far between. absolutely. you are dead riaht far between. absolutely. you are dead right there. _ far between. absolutely. you are dead right there. their _ far between. absolutely. you are dead right there. their interest l dead right there. their interest rates are between 0% and 0.1%, we can barely believe it over here, but

they have an fx ability mandate.he rupee moved above 16,000 two the dollar, and because of that the goal for fx ability they decided they needed to raise rates. indonesia is probably one of the better examples are one of the more fx focus central banks in the region, but that dynamic waiting longer to cut, or even in the case of hiking is something we will continue to see if we do not get a relatively dovish message from the fed over the next couple of months. annabelle: does the boj need to be more fx focused? we see the weak yen getting close to 160 and perhaps dampening consumption trends? >> on friday governor ueda did not express a lot of concern. the yen is down 10% year-to-date to date but implied that is not had too much of an upward effect on inflation and will probably take the outlook report suggesting it will take until 2026 for inflation to sustainably get back to targeted, so i think the message from the boj was we need to normalize policy very very slowly, and that clearly led to a further yen selloff

it's macro and fx strategist joins us next.is bloomberg. ♪ annabelle: this is daybreak asia , this is the japan manufacturing figures. an improvement coming in at 49 point nine, close to the 50 threshold that is seen as expansionary. improvement, 52.6, 51 point seven in services. a little change from the month prior. 54.1 in the march reading. these are preliminary figures, but it tells us the story that sentiment is improving in japan. what you are seeing in terms of dollar yen fairly steady. japanese yen holding close to the yield differential between the boj and the fed given they are expected to hold. let's take a look at asian fx. in the session we are seeing little movement, dollar gauge flat. the story of this year for the dollar is it is a force we did not that on. strong dollar is back and set to stay. our next guest says vulnerability and something we did not expect was the greenback being so strong. guest: they do for having me. for this year the strains of u.s. economy beats expectations. at the start of the year we

paul: bloomberg intelligence chief fx and reit's editor steven chu.et's go to ed gomes at s gmc capital. we've heard plenty of words in defense of the yen and no real action so to speak as yet. do you anticipate anything in terms of tougher rhetoric to defend the yen from the bank of japan today? >> i don't think rhetoric will cut it anymore to the extent that they had to talk. they were talking around 152 about two or three weeks ago. a lot of chatter out of the boj and ministry of finance. that is not going to work anymore. keep in mind the forward expectations one year forward for rates about 30 basis points higher for japanese yields in the u.s. has seen a collapse from seven cuts down to maybe one. you still have about a 5% interest rate differential and that is money on the table to be had. any intervention bank of japan might do in the currency markets is going to impact the bond markets as well as equity markets. do they really want that painful decision with the fx markets and others? probably not. overall, we don't really expect them to be a

being weighed up by these fx markets. let's bring in an fx analyst at commerce bank.to start with the topline view on the dollar. we heard them saying there was no option at this point but to buy the greenback. do you agree with that view? >> i totally agree with that. it's hard to find any reasons to bet against the dollar. we have seen over the last few weeks after the inflation -- and on top of that, we have a hawkish fed so it's hard to imagine any reasons. >> how vulnerable is the euro within that context? further upside for the greenback and we have heard from ecb officials reiterating that they expect to go to the first cut in june. does that leave the euro vulnerable and how does that percolate through the exchange? >> the u.s. is one of the most vulnerable right now because we have a very dovish ecb which actually wants to cut back to back right now so they are talking about a few more rate cuts this year. on top of that, we have a disinflationary contest which is making formal progress in the west. a very weak real economy. >> what is the level you are targe

the reaction in fx so far is very clear this morning. you have the korean won under pressure.anese yen a bit firmer but still trading close to the 140 mark. we have heard from chinese government officials -- japanese government officials saying they are ready to react when any moves in the currency. you have the move under pressure. pretty much every sector. the imap function, the only one standing out in the green so far, is energy stocks. let's look at some of the movers. the likes of impex. we have seen the risk of a spill over it being heightened in the middle east. let's change and take a look at what we are expecting, something that could move the dial a little bit for commodity markets is what happens -- what comes out in the inflation data today. ppi is one to load. we are on track perhaps for an 18th street month of the clients . cpi, as well, we are expecting it to pull back from the holiday season. something that has played into the dynamic is the move in iron ore prices in march. concerns around the property sector, as well really playing into that. that cpi retrea

a lot of downside for asian fx at the moment. >> absolutely. as we march ahead to the open, as you said, we are hearing from tsuzuki himself this morning's saying he is watching these fx moves very closely but he's going to keep from repeating the same warnings we have heard before. japanese government official stand prepared to take all measures needed. t. rowe price saying the yen reaching 160 is even possible so it makes that next april 26 meeting for the boj very much a live event. we did have u.s. stocks casting a bit of a shadow, the tech sector in particular, big tech the laggards in the prior session. it was the response to u.s. retail sales and also higher treasury yields. the japanese 10 year yield climbing a little bit at the start. let's change on because we are also keeping a watch on what we get for the korea session. so far, again, more pressure coming through, not just for equities, but you also see that reflected in fx at this time. we had trade numbers from korea earlier, export prices rising 2.6% on the year. import, a contra

we see a lot of weakness across asian fx, seeing maybe stabilization in china. i am wondering if you see more investable opportunities there. are you looking at emerging markets in asia? joshua: absolutely. you need to look at the world in a bit of a backdrop and fx is an interesting start. clearly i am an equity person but even if we are talking about the yen, with the boj may or may not do, you are talking 10 basis points here or there. when we talk about changes index rotations in the u.s., it dwarfs those moves. a lot of the fx and the rate environment is being driven by what is happening with the u.s. and expectations around growth and inflation rather than what is happening here. if we take a step back and look at the natural growth in economies, if we look at a lot of southeast asia, indonesia, vietnam, the philippines, these will continue to be very medium-term stronger growth stories. there are a lot of opportunities there. you touched on china. again, this is sort of the elephant in the room about what will change there. we don't see any wholesale chan

weaker fx puts more pressure. we have commodity prices tearing. that is a factor to watch as well. haidi: you see cyclical recovery for china. how strong is that when you have serious structural and demographic issues in the medium and longer term? trinh: well, we really liked the cycle upturn. one thing to look at is exports were under warm -- underwhelming in 2023 and in 2024, we have cyclical recovery that will continue to happen. the second aspect is china is normalizing. a year ago it was opening from zero covid, so now we are normalizing for services and as consumption is recovering, that will help with the cyclical recovery. if you look at an aggregate headline level, gdp is decelerating, but it will grow 4.8 or 5%. china is not growing badly and that is a factor that will support not just domestic growth, but the rest of asia. look at thailand tourism, it is weak on the portfolio side but on the current account side, china normalizing is pushing up the current account. u.s. doing well is pushing up the account via exports and tourism. the

we see weakening pressure across asia and fx. that is essentially driven by a stronger dollar momentum right now. in terms of intervention, i think the japanese authorities might focus much more on the pace of depreciation to make sure it is not disorderly compared to asian peers. i think there are no specific levels we are looking at but rather the pace of depreciation matches more to them. haslinda: fair to say if the yen depreciates steadily toward 160, the boj and ministry of finance would become for bowl with that? mark: -- >> it depends where the u.s. yield lands, it's accommodation of the boj allah see mix and what the fed does. haslinda: in terms of tucci -- qt, what do you see the boj doing? >> that will be the focus for the boj meeting this month. we will hear more on their plans to scale back qe, but we think the boj are likely to continue to adopt a gradualist approach which means once they are firming up, seeing more inflation gathering in the economy they will conduct cutie in a gradual manner as well. haslinda: are

for the moment fx traders are in heaven, the authorities may have a different view of that.nda: in terms of the best trade, what are you hearing? >> if you look at the emerging markets phase there are currencies being beaten up but unfairly. they have been following the japanese yen, so you can look across asian currencies, latin american currencies, they could probably rebound quite heavily if the yen stabilizes. haslinda: you may want to buy those currencies right now. we think you so much for your insight. we speak to a vc bullish on indian startups even as evaluations and funding love challenge. a founder and managing partner joins us next. this is bloomberg. ♪ haslinda: welcome back to "bloomberg markets: asia." india starts trading in just under four minutes. we have futures pointing higher but putting much in line with the rest of the region. other benchmarks in positive territory. we are keeping a watch on stocks like tsuzuki. asked -- reported better-than-expected quarterly profit and has been one of the best performers. india looking to join the gains and the rest

let's get onto the subject of expected -- fx. great to have you with us.ve a little bit of rest by for asian fx. given the direction that we see when it comes to u.s. rates and the inflation picture, do you expect if you -- sievert -- see further strength for the dollar? >> dollar sentiment has shifted sharply, especially against g10 currencies. that may limit the ability of the dollar to move to much higher from here. we talked about the fed. clearly there has been a massive repricing of u.s. interest rate expectations. u.s. treasury yields have been shifting higher continuously in recent weeks. that has been helping to propel the dollar higher. it's hard to see that reversed any time soon. even if the dollar doesn't move higher with the same sort of momentum, it is likely to command -- remain firm in the weeks ahead. that puts a lot of asian currencies on the back front, especially those that have your yields. we will still be in this what -- environment for the time being. we have cut our own fed easing expectations as well. we only expect the fed to cu

but when you see moves of about 1%, it may not sound like a lot, but that is really huge in fx terms.we would expect a bit more volatility to come. if the market tests the bank of japan's resolve again or the ministry of finance's resolve again and actually tries to push that yen up, i think it's going to be a very volatile currency for some time. it is interesting to see this play out in real time, isn't it? their policy responses pretty limited, because reminders about the state of japan's economy. they are heavily in debt, so they have to be careful, so their options are few and far between. their options are few and far between-— their options are few and far between. ~ ,,., , ., ., ., between. absolutely. you are dead ri . ht between. absolutely. you are dead right there- — between. absolutely. you are dead right there- in _ between. absolutely. you are dead right there. in traits _ between. absolutely. you are dead right there. in traits are _ between. absolutely. you are dead right there. in traits are between i right there. in traits are between 0% and 0.1%, having just left n

we are hearing from the pboc talking about the risks of an overshoot on fx. that we are hearing from other policymakers, warning against one-way trading when it comes to asian fx. annabelle: that's right. the finance chiefs of japan and south korea are concerned by their local currency moves as well. let's get to some of the corporate stories we are tracking this morning. we've learned that saudi arabia has neon city project is planning its debut sale for later this year. that is as it looks for more funding sources for the 1.5 trillion dollars worth of construction projects that are planned. sources say neon supportive banks to advise on the sale of bonds which could raise as much as $1.3 billion. documents generated over $10 billion in mid trading revenue last year. that was among financial markers the firm disclosed to investors as part of a debt deal that it is seeking. it's a rare glimpse into the mechanics of a notoriously secretive firm which is steadily expanding to make markets in areas including etf's, stocks, currencies, derivatives, and bonds. ubs

now she's out with "loot" on apple tv and "american horror story" on fx.o see you again. >> juju: very happy to see you. you're a very busy woman. >> i am, i am. >> juju: on this show you play sofia, who is a no-nonsense, nonprofit ceo. you also have a love interest in the second season? >> yeah have a love interest in the second season. we get to see sofia squirm a little bit. first season, we got to see her straight laced and no b.s., a little uptight. >> juju: we have a clip from it, let's take a look. >> what is this? >> full disclosure, it's not finished. >> it's not done, you didn't even finish the word "presentation." >> i was about to type it in, then the meeting was starting and you told us to never be late. so in many ways, this is your fault. >> howard, you need to take this seriously. space for everyone is a huge project. we all need to be at the top of our games. this needs to get done. >> yes, ma'am. ♪ >> juju: that's hilarious. so i'm a little bit afraid of you. in the beginning of the clip. are you a closet swiftie at the end? >> yeah, she'

fx this morning half an hour into the trading session for equities but fx here's some interesting movesnote with japanese yen very much the one we are tracking given the risks of intervention possibly from japanese government officials so far this morning that watch has really been on any kind of talking that is coming through and the suzuki lines dropping in the past 40 minutes or so essentially talking about the excessive moves they are seeing and also the japanese government officials to remain prepared to act so tracking that closely above the 153 mark. the other to watch is the singapore dollar holding fairly steady we earlier had an mas decision coming through and the key read through from it was that we saw them maintain the slope, width, and center of the currency band's are not really any changes they are and we do actually see gdp numbers as well growing by 2.7% in the first quarter but below the average economist analyst as well the bok a bit weaker but we have the bank of korea decision that is due perhaps in the next 10 20 minutes and we will check it but certainly watching

and keep fx volatility under control.ne of the reasons why bank of indonesia did that is because foreign ownership of the indonesian sovereign bond market is very high, so it does suffer the risk of capital flights to higher yield markets, in particular higher rates. on the flipside, those economies and currencies which are running current account surpluses starkly have had low fx volatility. they should show more resilience in this type of environment, and the taiwanese dollar would be a case in point. haslinda: we have to take a look at the young getting smacked, 155 and change, but some say it's not dollar-again we should be looking at. we should be looking at yen-you want -- again- -- yen-yuan. marc: we believe it's not just about industrial market overcapacity and flooding export markets but also trying to convince the pboc to consider a devaluation cycle like we saw in 2015. that was quite damaging for the chinese economy and the global financial markets at the time, so it would not be an easy decision to take, but

joining me now is charu chanana, head of fx strategy at saxo. first off, no rate cuts, a possibility or not? charu: from the lens that i see it, as of now, neel kashkari's comments are a bit of an outlier from what we heard from the other fed members. like you emphasized, if inflation runs high, that's the big if. we have seen inflation going higher for two months in a row. but what jay powell says for now is it is a bump in the disinflation path. while oil prices are, it is a little bit of a concern where inflation could go from here. my sense is that oil prices are a little bit of a less concern for the u.s. economy and they could obviously shift focus more towards core inflation to kind of ward off those risks. the real threat for the u.s. inflation is actually coming from the housing side. that's something that needs to be watched but i would not be concerned about not getting rate cuts this year as of now, because neel kashkari does not vote and he is a known uber hawk. haslinda: he has been wrong before. charu: the whole dot plot has been

either way, it is not a strong message to fx traders. haslinda: is 160 it?that even traders don't want to see it breach 160 even further. mark: if there will be a line in the sand, they have to back this up with a lot more intervention over some days to absolutely get the messaging. to make 160 a line in the sand, they need to get dollar-yen down to 145 to establish a big gap so traders can say this is costing me p&l, i don't want to take this on again. so far we are only down a few big figures. it's not that far away. all it needs is a hawkish fomc this weekend we could be up there again. haslinda: how should asian banks look at the uncertainty in the dollar in the end, not to mention the yuan, the stability of the currency? mark: they will try to ignore it as much as it can. the real impact is on interest rates. this is the bigger lesson from the asian financial crisis. currency moves were huge, they were very concerning. but what hurt asian occurrence -- was when rates went up 2.5. that was the most damaging thing. they have been able to contain it becaus

with fx, we really don't see a very significant opportunity right now. haslinda: just one final question before we resume our conversation after the break, the risk for the market right now, is is will u.s. inflation or geopolitics? jin: i would say the core risk we are seeing is coming down to inflation which is that if u.s. inflation becomes sticky at the current level, we will see that could potentially delay the cut from the fed or other central banks and that would be in our view a key risk to the current market levels. haslinda: jin yuejue a from jp morgan asset management is sticking around and we will get her views on markets shortly. still to come, we will speak with caroline pham at the hsbc global investment some and get her thoughts on the future of digital assets and smart etf's, ether. but first, janet yellen wraps up her chinese trip by warning her host on moves to aid russia. more to come. this is bloomberg. ♪ so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo

managing director of commodities and fx at ubs global met -- wealth management. know you've been raising your gold forecast in view of firmer demand. how much of this is a china caution story? where are the rest of the pressures coming from? >> in your intro, you really pointed out the challenges that many people have faced. usually a stronger dollar tends to mean lower gold prices. that couldn't have been further from the truth over the last couple of months. the key thing for us, part of the reason we lifted the forecast recently, i want to give you a sense around that. we had our forecast for 2003 in the short term. at a time when gold was trading close to 2400 announced. longer-term, we see diversification trade for gold continuing in a pretty strong way. it's the reason we have the 2500 forecast as we go into next year. i think the keys to this has been that china demand has been undervalued. by many parts of the fundamental story. i think also a level of on road -- underreporting as well. it's often it -- difficult to get a handle of the flows going into ch

fx markets have been more strategy -- steady as well.se currency is getting close to the top of the trading band. dollar-yen is not as high as it was yesterday but is not far away. we haven't yet seen any actual intervention. plenty of verbal intervention today. japanese authorities are confirmed -- concerned about yen weakness. ripple effects are still going through. obviously there will be more to come today because you have the european central bank coming up. they've got major decisions in terms of how far they are going to be affected by what they are seeing in the cpi report as well. kriti: mark ran walking us through that readthrough. thank you so much for talking us through the ripple effects. he was there talking about dollar-yen. we are keeping a close eye on euro-dollar as well. how much of that is a cpi story as opposed to caution ahead of the ecb? we are live in frankfurt. lizzie borden joins us. talk to us about some of the risks that come with front running the federal reserve. lizzy: well, if the ecb goes before the fed,

his show "welcome to wrexham" the new season is about to start on fx and on hulu. i have another series called "mythic quest" which is premiering on apple tv plus. >> jimmy: that's a good one. okay. you're a philly guy. we all know that. you've got a show that states it in the title. you love the eagles. you love the flyers. you love the phillies. all the teams. all the stuff. but can you identify which of the citizens walking by our theater happen to be from philadelphia or not? the key here is you're not going to be able to actually hear them speak because we feel that might give it away. >> that will definitely give it away. >> jimmy: yes. but you can ask any question you like. they can nod yes or no. let's go out in the street now. on hollywood boulevard. our announcer lou is standing by. hi, lou. lou, why are -- >> lou: it's a cheesesteak, jimmy. >> jimmy: aren't those stereotypes? do you guys get tired of hearing about cheesesteaks? >> we are the birthplace of the nation, and we are known for our cheesesteaks. i don't understand. [ applause ] >> jimmy: well,

now let's get you hooked on fx markets.s is mark cudmore weighing in into a growing debate over whether to focus on nominal yields, mark, willie nominal -- where you stand on this? mark: this is a piece by simon flynt about who is correct. longtime viewers know i am disdainful of economists and take the side of traders almost always. for our colleague, simon, when it comes to fx markets those who are dominant are traders and the way you make that phrase is is it nominal yields or real yields that control markets? in theory it should be real. should not matter if nominal is higher. that is the case with emerging markets which do not have policy credibility. take currency, argentina, extreme cases. it turns out most traders in the front seat of action do not look at inflation. that is strong when it comes to the yen. that backs up the idea that sterling has been more of an emerging-market currency. haslinda: you are a traitor. what would it take for economists to be right? mark: if countries lose credibility like u.k. and bec

haidi: fx and rates reporter michael wilson.sian currencies trading close to year to date lows including weakness in the you wine, the taiwan dollar as well. 25 minutes away from the start of cash trading and the open in tokyo. futures are looking softer, seeing expectations of solid gains following wall street higher after the jobs print suggest robustness for the u.s. economy. new zealand is up, big week for central banks in asia, the be ok and more broadly, the ecb amongst the philippines. thailand i should mention, u.s. futures looking just modest to the upside. paul: breaking news on the terminal relates to a real estate development company that develops apartments, they have filed a petition. more evidence that there is trouble in the property sector. we will keep our eyes on that story and get you more details. wall street thanks are jostling for business as the fastest growing pool of retirement ends its overseas attraction. adam: you cannot overstate how lucrative this business is for banks. if you think about pension f

annabelle: thank you for your time, that was head of japan fx strategy in tokyo.is bloomberg. ♪ >> stocks watching when trade opens, energy, defense, equities may move after iran's attack. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. ♪ >> the narrative of this tap is interesting because it brings us closer to further escalation. on the other hand, the fine-tuning of the attack, how it was intercepted leads us to a scenario where there is room for both sides to be able to move back a little bit, to sh

on fx. emma roberts is joining us! [ cheers and applause ] and we've got great music.s fun. we've got great music from grupo frontera! [ cheers and applause ] they're good. well, everyone, this is very exciting. as you know, we're currently in the middle of our fallon book club spring read contest. [ cheers and applause ] okay -- now, this is -- this is where we all vote on a book to read together. and in the spirit of march madness, we start out with 16 books. >> steve: right. >> jimmy: they're all great books. we had them face off for no reason. >> steve: right. >> jimmy: and narrowed it down to eight books. well, the latest round of voting ended last night. and so far, we have received almost 600,000 votes. >> steve: ohh. [ cheers and applause ] >> jimmy: that's the biggest book club we've done so far. so, thank you very much for voting, everyone. now it's time to reveal the final four books that have advanced to the next round. are you ready for this? >> steve: i'm ready. >> jimmy: here we go. this is it. dang, that's it right there. this is the four books. ♪ [ che

they have refrained from providing a specific view on future fx moves. we heard from the boj chief saying the recent yen weakness, he sees as being excessive as well. we are in intervention watch. 152 to the yen is where markets see that kicking in. you can get a roundup of those stories and more to get your day going in today's edition of daybreak. bloomberg subscribers can get that at dayb on the terminal and the anywhere app. you can play around with those settings for the news on the industries and asset classes that matter most to you. this is bloomberg. ♪ hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall. ♪ ♪ relax into a caribbean state of mind. visit sandals.com or call 1-800 sandals. st

how is the fx base holding up? >> holding up better with white a lot out there. i did think it was significant, this comment from south korea that they were talking from japan and voicing their concerns together. i think we will want to pay attention to what is happening with the g20 meeting in washington and whether they force themselves onto the data given the volatility and the moves we have seen of late, just in the pressure that the asian central banks are under. the market is starting to think about some of the central banks have to hike interest rates in order to contain their currencies and give them that extra support? where are the weak spots in the market? we are starting to see some probing and pressures. but a lot of those key levels read across there. the pressure is starting to mount even in today, maybe not as much as what we had seen in recent sessions. was maybe just a temporary reprieve. there with the bloomberg executive editor for asian markets. they have got about 50 investment banking jobs in the aipac region. starting this week. at least 8

up, let's get details on fx.gainst the dollar, joint statement noting serious concerns about depreciation of major currencies. buds bring in mark cranfield on what is the message to traders from g7. was janet giving them the greenlight to intervene in their currencies? mark: if you're telling traders your time is running out, wonderful trend we have been seeing for several months were dollar strength affects everything, not just major currencies were asian currencies. dollar on a tear. support is high with strong dater out of the u.s.. several countries are uncomfortable. we had a rare joint statement from janet yellen and finance ministers acknowledging people are getting concerned about weakness so it doesn't mean to say the u.s. will support intervention directly, but if you want to go ahead and give your currency specific support, we will not get in the way and you have are greenlight. does not mean it will happen immediately, but we are getting closer to the point where the currencies are falling and their r

the ripple across the fx markets of asia pronounce. bolded 2384 -- gold at 2384/ . you did see a spike of 3%. you are now up 2%, and that tenure and treasury curve remaining bid, 455, an eight basis point move lower on the u.s. a benchmark. let's cross over to aj and get a sense of how markets are reacting. avril hong is standing by for us in singapore. avril: we saw the reaction letting clear when the initial unconfirmed reports came through, and it was a sense of risk aversion and safe haven demand. we saw the gauge of stock something as much is 2.5%. nikkei losses accelerating as much as 3.5%. infotech sector to biggest loser as a got a double whammy from hawkish fed speak as well as tsmc lowering its outlook for the chip sector. you get the sense of that traders are not prepared for the sudden revival in middle eastern gents. i also want to highlight that made all of this we are seeing chinese stocks relative outperformance or at least the bleed was not as bad, a sign of how much chinese equities have decoupled from global financial markets. at the other thing i

haslinda: there was confusion of fx derivatives. why was that?ication or lack of communication? >> misunderstanding on the part of the market participants because of the foreign exchange so lots and lots of circulars and everything needs to be together, so everyone has figured out what to do and for institutional investors, they did not participate in the currency. more local in a smaller market. haslinda: in terms of underlying exposure, is that it? i want to talk about nifty volumes because it is yet to get to the levels we saw the for shift. why is that and what would it take? >> the nifty is at the highest ever numbers. trading volumes on it as you rightly say, nsc is the largest in terms of number of trades, but if you look at february data from february 24, this is the largest in trades and equities, the largest market of any type. haslinda: yet to get to the levels before? >> the numbers tell you that overall the contracts are higher than before. so basically when someone says traded volumes, i would not agree but probably a few points awa

a lot of downside for asian fx at the moment. >> absolutely.e are hearing from tsuzuki himself this morning's saying he is watching these fx moves very closely but he's going to keep from repeating the same warnings we have heard

the japanese finance minister speaking on the yen, saying he is not judging fx by levels.emergencies and they will not rule out any options against excessive fx moves. suzuki saying policymakers will take appropriate action, he refrained on commenting on factors influencing the moves and said the bank of japan's governor ueda has been conducting policy and expects the boj to work closely with the government. we are hearing similar comments that we have heard from the finance minister and other japanese policymakers, in terms of global warnings against dollar-yen. they had been largely affected -- effective in terms of tapping weakness in the yen, so we have not seen outright intervention and lots of expectation that they will wait to see the fallout from the inflation prints. paul: let's talk about alibaba cutting prices for customers globally in a bid to win back customers. let's get more with senior analyst catherine lim. give us a sense of the competitive environment and how alibaba is trying to survive in it? catherine: take a step back, the company cut prices in china

let's talk now to joe tuckey, head of fx analysis. thank you forjoining us.t is a continuation of this policy we've seen for so many months now, and... we didn't expect them to raise the bank rate today, but it was the policy statement from the leader showing no indication to tweak policy. we are seeing a continuation of these your yields currencies getting sold in favour of higher yielding ones. what currencies getting sold in favour of higher yielding ones.— higher yielding ones. what is the rationale? they _ higher yielding ones. what is the rationale? they have _ higher yielding ones. what is the rationale? they have a _ higher yielding ones. what is the rationale? they have a huge - higher yielding ones. what is the | rationale? they have a huge debt higher yielding ones. what is the i rationale? they have a huge debt to gdp problem. _ rationale? they have a huge debt to gdp problem, the _ rationale? they have a huge debt to gdp problem, the biggest _ rationale? they have a huge debt to gdp problem, the biggest in - rationale? they have a huge debt to gd

big move and exit -- fx at well -- as well. so that's now the new threshold for intervention from the ministry of finance. we heard from the currency diplomat earlier saying he's not ruling out any options so the currency chiefs in japan trying to drop on. no action is yet. oil going up. we will get to that more in a moment. geopolitical tensions pushing that higher as well. let's bring in garfield reynolds. let's start with you. let's talk about the bond market reaction from the hotter than expected cpi print. where do we go from here? garfield: we should consolidate for them -- for a while. biggest 10 year yield jumped since september 2022 actually. a long time. two-year knocking on the door of 5%. these are the levels that have brought investors back in, willing to take the yield and sit on it if need be because it's high enough. we might see some of that. unless investors will be unwilling until ppi is out of the way. normally ppi doesn't get too much interest in the u.s.. but if you recall last time around, that wasn't the

let's take a look at how we are doing in the fx space.course we are very closely watching the yen. well, we are always watching the young closely these days, but especially so now. we are at levels we have not seen since june 1990. the yen weaker than 155 against the greenback. so, against that backdrop we have a jank -- bank of japan meeting starting today. the boj has pledged it is going to do something about the level of the currency. we have to wait and see what that is. still to come, u.s. secretary of state antony blinken touches down in china. the u.s. moving to force a sale or a ban of tiktok. we are going to discuss the impacts of that with eurasia group next. this is bloomberg. ♪ paul: we are just over 30 minutes into the trading day this thursday in the asia-pacific for south korea and japan. no trading in australia or new zealand today. avril hong is keeping an eye on things in our singapore studio. plenty to watch today. avril: absolutely. i think for tech stocks, what we got from earnings and their plans, the likes of tesla

jung: i think if you look closely most of it will come from fx and loss reversion. that is concentrated in the first quarter. we are not going to get it in the second or third quarter. so going forward, is this going to change our earnings forecast for sk hynix? i am a bit cautious on that. so there is good news. definitely it will affect the price today. however, if we see the stock price pop this morning, it is a good opportunity to take some profit and liquidate. paul: so if you are taking profit from some of these big chip names, where do you put that money to work instead? jung: i think the strength of the u.s. dollar will continue to go on. and we are seeing new treasury issues, further worsening of the interest rate outlook. we are looking for a sector that will perform well when the dollar strengthens. there's exporting companies in japan and korea where local weakness can contribute to the escalation of the stock price there. paul: ok. so do you have any particular names for us, or any particular sectors? jung: we like the auto sector. and in korea as well.

old-school haven demand going on here but we have heard from the fx chief for suzuki in japan talking to keep the pressure on the yen should he says the fx levels should be determined by the market. watching the forex moves with a high sense of urgency and aggressive foreign exchange moves undesirable. suzuki keeping the pressure on again. the market opens in seoul and tokyo coming up next. this is bloomberg. ♪ ok y'all we got 10 orders coming in... big orders! starting a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. >> this is "daybreak asia." we are counting down to the major market opens. we are looking at a flat finish to the week. particularly as we head

i want to show you the fx markets. this is important to keep an eye on as we hear from the central bankers. we have the sterling/the dollar at 1.23. one dynamic that is taking place here is the divergence in comments from fed officials and from the bank of england. more divergence with the euro/dollar commentary. let's look at the eyo dollar/ye. there is an issue with japanese authorities will intervene at the 1.55 mark. the key this week is the bank of japan meeting. investors are questioning what sort of hikes we might get from the bank of japan this area. i said hikes. that's the case for the bank of japan. i want to take you to the bond market. this is showing you what is happening with the central bank commen comm commentary. the yield is 2.52. this is the sentiment in europe and actually, i want to share this stat with you. the spread between the ten-year bund and treasury hit 220.9 basis points last week. that was the highest we have seen since november of 2019. it is important to compare as we he see the diverg

there is a limited amount of fx.istory tells you that doesn't get you a sustained appreciation in dollar/jpy. they are trying to hold the line until you get the turn and the dollar/yen is when you get fed cuts which is being pushed out. >> what is your take on the strong growth from the u.s., but globally? we continue to see growth continue in the higher rate environment. how much is tied to the idea we will get cuts at some point whether it is the ecb or u.s. or the bank of canada considering cuts coming up later this week? >> i think it is tied to that. we are getting a global growth bottom. i think that's important and led by china and led by the stimulus there. we are seeing manufacturing r reb rebound. that is a trying factor. for us, some of the economies like europe and the uk, you can't see a significant rebound in 2025 unless you get cuts. you need loosening to build demand and a rebuilding of the supply side and you don't get the same inflation pressure. we worry if they don't cut, you would have high infla

that includes some fx headwinds. about 16 -- we are expecting about 16% topline growth for 2024. so we're a bit above the high end of their guide >> i guess one thing that sort of stands out to me in this area is that the streaming world feels increasingly saturated, i guess is the world i would use there are a lot of players here. but netflix is the king of the realm, isn't it? >> by far, yeah. they're the global leader. you know, with what the 270-ish million subs, they're going to spend, they will spend $17 billion on content this year >> is the field saturated is the better question here if it is saturated, i would sure prefer to be netflix on top of a saturated field, than self-of t -- several of the others that are not as strong. is the field saturated >> there are a number of different streaming plat forms but netflix is the global leader we expect them to continueto b the global leader. they've been the most innovative company in this space. and obviously, they're going to have $17 billion in content, and con

the finale of "american horror story: delegate" is wednesday night 10:00 on fx.m. kim kardasian, everybody. thank you, kim. we'll be in studies, the majority of people reached an a1c under 7 and maintained it. i'm under 7. ozempic® lowers the risk of major cardiovascular events such as stroke, heart attack, or death in adults also with known heart disease. i'm lowering my risk. adults lost up to 14 pounds. i lost some weight. ozempic® isn't for people with type 1 diabetes. don't share needles or pens, or reuse needles. don't take ozempic® if you or your family ever had medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2, or if allergic to it. stop ozempic® and get medical help right away if you get a lump or swelling in your neck, severe stomach pain, or an allergic reaction. serious side effects may include pancreatitis. gallbladder problems may occur. tell your provider about vision problems or changes. taking ozempic® with a sulfonylurea or insulin may increase low blood sugar risk. side effects like nausea, vomiting, and diarrhea ma

george: it comes down to the fx markets. we look what is going on with dollar-yen, this gets into a vicious cycle. that is why the 10 year, the dollar, and will are critical. that trio is what is going to dictate what was forward. we had a financially using accommodative environment. if those burials start using, you will get tightening there. all of this stuff is in play. jonathan: the euro, 1.07. that move in yields and in rates stateside, who does that upset more? bank of england, doj -- boj, or ecb? george: boj first come ecb second, boe third. we have looked at the ecb as making policy mistakes. i think they are trying to do proactive. i think they will have to ease before the fed. that is a challenge for them. to sit here and do nothing is not the right course of action. jonathan: do think there is any ability to go further beyond the june rate cut? george: at a minimum what could have been his, you want to backpedal, this could enter into an environment where central banks ease and skip meetings and try to calibrate i

it's a little high is it nose bleed no i'm not going to worry about fx. you brought that up or the analysts did p.e.g. ratio is high but not egregiously so high. >> you're not going to hate on microsoft's valuation -- >> i'm not >> and wax poetic on amazon. >> but wait a second wait a second. p.e.g. ratio on amazon is 1.2. i'm not hating on microsoft. what i'm saying is i'm not add to go microsoft today. i'm adding to amazon by the way, nvidia is looking tempting to add to >> what's the biggest risk in the microsoft quarter? what's the worst thing that could indicate -- >> the worst risk -- >> i was just going to say >> no risk >> he said there's no risk jim lebenthal said that. not me not josh not liz. >> if i'm trading ahead of the quarter, what i would worry about is the commercialization effort of openai is going slower than what the market is hoping for. >> okay, fine. how about if i agree with you that is actually maybe even likely >> you already said otherwise, too late >> you already said there was no risk that would be a major problem. >> well, o

sonali: we will discuss this with bloomberg fx reporter anya andrianova. if you think about the relationship between interest rates and what you're seeing in the dollar how do you describe what is going on best? >> sometimes they can work step in step and sometimes the correlation is not always as the rates go high the dollar does get support. today it is not only the rates. today we have geopolitical risks. that is also increasing the dollars. with that together, it is a pretty good season for the dollar. sonali: how do you think about what happens next? your point about the dollar as a safe haven currency plus what is happening with interest rates, have been a lot of concerns for a long time the dollar has been flying too high. >> rightfully so. there were a lot of forecasts earlier that were about to enter the season of weaker dollar and things will get back to normal. for now, the risk is on the others. -- the other side. the dollar -- we will see it in the next few days or week if we continue getting 1% or 2% more, it can break out and we will have an

. >> reporter: and fx's "the people versus o.j.me story." >> this trial was a very good harbinger of reality tv. you know, people had their favorite characters. it was like watching a show. as opposed to watching a trial. >> even though o.j. simpson is gone now, we're probably still going to be talking about o.j. simpson for a really long time, because we just learned so much during that trial and in the aftermath of that trial. it kind of changed the course of history, in a lot of ways. >> juju: our thanks to matt. >>> when we return, remembering those who lost the most. the families of nicole brown and those who lost the most. the families of nicole brown and ron goldman. or a dark?yellow a lt how do i clean an aioli stain? thankfully, tide's the answer to almost all of them. why do we even buy napkins? use tide. can cold water clean white socks? it can with tide. do i need to pretreat guacamole? not with tide. this is chocolate, right? -just use... -tide...yeah. no matter who's doing it, on what cycle, or in what temperature, ti