ForexLive Asia-Pacific FX news wrap: PBOC leaves rates unchanged

Major
FX rates traded in subdued ranges here in Asia today. The intense
focus on the Bank of Japan meeting yesterday gave way to an eye on
the holiday period ahead for many traders and investors.

USD/JPY
lost all impetus, sitting in a range around 143.75 to 144.00. Other
major FX lost a few points against a very slightly stronger USD.

From
the People’s Bank of China today we did get the monthly Loan Prime
Rate (LPR) settings. The LPRs were set at 3.45% for the one-year and
4.20% for the five-year, both unchanged. Most new and
outstanding loans in China are based on the one-year LPR, while the
five-year rate influences the pricing of mortgages. So, no fresh
monetary stimulus from the PBOC today.

The
biggest news was in US politics. A state court in the US has said
Trump is ineligible to be President. The political pundits I have
seen on this widely expect the ruling to be overturned. There is a
little more in the bullet point above if you are interested. Given
what I’ve said about the dreary ranges here today the news failed
to impact currencies.