ForexLive Asia-Pacific FX news wrap: Awaiting the NFP jobs report | Forexlive

It was a quiet session across financial markets ahead of the keenly anticipated U.S. nonfarm payrolls report, due Thursday at 08:30 a.m. Eastern. Major FX pairs remained rangebound, with traders reluctant to position ahead of the data.

Politics & Central Banks

UK Prime Minister Keir Starmer confirmed that Chancellor Rachel Reeves will stay on “for a very long time,” reaffirming her position through to the next general election.

In the US, Donald Trump posted on his Truth Social platform calling for Federal Reserve Chair Jerome Powell to “resign immediately.” The timing raised eyebrows, as senior administration figures may have previewed the NFP data around 4 p.m. Eastern Wednesday—a potential clue to a disappointing print.

Bank of Japan board member Hajime Takata said the BoJ should resume rate hikes after a temporary pause, noting that Japan is nearing its 2% inflation target. He cited strong corporate profits, rising wages, and domestic price pressures as justification for eventual tightening, while also warning of U.S. tariffs’ impact on the Japanese economy.

US–China Trade Signals

There were tentative signs of thawing in US-China trade relations:

US House Action

The House of Representatives is currently voting on a rule—not yet the bill itself—for a major Trump-backed economic package. The rule outlines the debate terms and must pass before the bill can proceed. Speaker Mike Johnson has kept the vote open for hours, vowing to hold it until a majority is reached. He is falling short so far but the vote may go on for a long time yet!

Geopolitics

South Korea’s intelligence agency reported that North Korea may send up to 30,000 additional troops to Russia as early as July or August, under a military pact involving arms and technology transfers. The reinforcements would support Moscow’s planned offensive in Ukraine.