MNI China Press Digest Mar 22: Autos, Local Gov, Real-Estate

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US Yields Extending Higher Lending Support To Greenback

USD
  • Continued upward pressure on US yields and equities extending to fresh session lows lending support to the greenback in recent trade.
  • EURUSD now roughly 90 pips off the earlier highs at 1.0936, narrowing the gap with the intra-day low at 1.0824.
  • In similar vein, USDJPY makes fresh session highs above 128.64. Short-term pullbacks - as seen on Wednesday - should prove technically corrective. Recent activity reinforces underlying bullish conditions and signals potential for a continuation of the bull cycle, with the focus on 129.40/44, yesterday’s high as well as a Fibonacci projection.
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