Oil dips, USDJPY plunges through 158, USD slips elsewhere with a lag

Forex Market Snapshot
When you see a sharp move in USDJPY keep an eye out for offsets in other currencies due to JPY crosses. In this case, EUR and GBP have come off earlier highs vs the USD as EURJPY,and GBPUSD tumble as well.
Note today is month end ahead of May 1 holidays tomorrow. BOE and ECB rate decisions are due today as well.

USDJPY 1 HOUR
Verbal intervention has seen USDJPY tumble:
Japanese Top Currency Diplomat Mimura says this is the final warning before action is taken; speculative moves in FX are mounting; getting closer to taking decisive steps; seeing speculative activity in FX market (Newsquawk)
If I was the BoJ I would try to get USDJPY below 159.41, which would shift the focus from 160 to 159. If not, focus stays on 160.

Asia-Pacific FX news wrap
US CENTCOM to brief Trump Thursday on Iran military options including infrastructure strike, Hormuz seizure and special forces uranium mission; Brent crude hits new war high
China official manufacturing PMI 50.3 in April, above the 50.1 forecast; non-manufacturing slips to 49.4, a 40-month low, back into contraction
China RatingDog private manufacturing PMI surges to 52.2, strongest since late 2020, reflecting outperformance of export-oriented private firms versus state-linked enterprises
USD/JPY pushing toward 160.40 as yen weakens; no Japanese official intervention comments yet
Bank of Japan Governor Ueda scheduled to speak June 3, ahead of the June 15-16 policy meeting, potentially flagging a rate hike
Bank of England rate decision 1100 GMT, Bailey press conference 1130 GMT; hold expected
ECB rate decision 1215 GMT, Lagarde press conference 1245 GMT; hold expected

““They’ve come a long way. The question is whether or not they’re going to go far enough. At this moment, there will never be a deal unless they agree that there will be no nuclear weapons,” Prez T tells reporters in the Oval Office. – T of Isr
WTI 108.47 HoD, now little pullback: BoD

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