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Japan’s top currency official denied a media report claiming U.S. Treasury Secretary Scott Bessent supported a strong yen:

• Mr Yen says Completely untrue about media report that Bessent said stronger yen preferable

More, in brief:

• Atsushi Mimura said, “the U.S. side did not touch upon exchange-rate targets in the finance minister talks.”

• Finance Minister Katsunobu Kato and Bessent held their first face-to-face meeting in Washington last Thursday.

• The Yomiuri newspaper reported Bessent’s alleged comments without citing sources; Kato also denied the report on X, stressing no discussion of exchange-rate targets.

• Kato declined to disclose whether the U.S. made any specific currency-related requests during the 50-minute meeting.

• Market expectations remain that Tokyo could face U.S. pressure to strengthen the yen, given President Trump’s focus on the trade deficit.

• Bessent described the talks as “very constructive,” noting they discussed “matters pertaining to exchange rates.”

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Also of interest:

• Bank of Japan to “hit pause” on rate hikes at this week’s meeting – Trump tariffs cited

This article was written by Eamonn Sheridan at www.forexlive.com.

The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.

The previous close was 7.2862

PBOC injects 279bn yuan via 7-day RR, sets rate at 1.5%

• 176bn yuan mature today

• net injection is 103bn yuan

This article was written by Eamonn Sheridan at www.forexlive.com.

Craig Moffett of MoffettNathanson reacts to the report Apple was aiming to shift production toward India.

Gold prices fell in Philippines on Monday, according to data compiled by FXStreet.

Gold prices fell in Philippines on Monday, according to data compiled by FXStreet.

When Beyoncé and Solange were ages 12 and 7, Tina Knowles took them to counseling together. Here’s why and how it paid off.

The EUR/USD pair trades on a flat note around 1.1360 during the Asian session on Monday. The Greenback steadies as traders are confused by mixed signals on US-China trade relations.

The EUR/USD pair trades on a flat note around 1.1360 during the Asian session on Monday. The Greenback steadies as traders are confused by mixed signals on US-China trade relations.

Pakistan’s air space closure is forcing Indian airlines to alter routes to Europe, North America and the Middle East. But airfares may not increase as a result.

The narrative of Trump versus the world continues to dominate the market landscape as we look towards the end of April. While he was busy over the weekend putting in focus on the Russia-Ukraine conflict, it is leaving broader markets wanting in the new week expecting some new development on tariffs/trade. And that’s where we are at right now.

US-China trade continues to be stifled in the meantime and that’s one major sticking point. Besides that, we’re also waiting on breakthroughs from other countries in striking a compromise on tariffs. To that, there’s still no avail as well.

And with each passing day, the world economy continues to bleed out and we move one step closer to the hard data translating to pain in economic data. That will definitely be more evident in the next three to four weeks especially. Here are some posts to keep in mind in all of this:

• US April Philly Fed business index -26.4 vs +2.0 expected
• Eyes on the global freight market as ocean bookings plunge
• People in the freight industry are sounding the alarm
• What happens to the US economy when freight dries up
• Financial Times on “Demand slump fuelled by Trump tariffs hits US ports and air freight”

For today, the focus will be to look towards any progress on the trade front once again. US futures are down amid some disappointment after getting their hopes up last week. Will that continue into the new week?

On a quiet day like this, headline risks will take center stage. But just be aware that there is at least the Canadian elections to watch out for.

0800 GMT – SNB total sight deposits w.e. 25 April1000 GMT – UK April CBI retailing reported sales

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

This article was written by Justin Low at www.forexlive.com.