MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CROSS ASSET: Risk-Off Pervades, NZD/JPY Accelerates Weakness

CROSS ASSET
  • Broad JPY strength is persisting into the European open, with JPY the best performing currency across G10 for a third consecutive session, getting a boost from flight-to-quality flows, a poor showing from global equity futures and a continued unwind of the carry trade fuelled USD/JPY rally. 
  • The JPY spot trade-weighted index is now over 4.5% above the pre-intervention low, and cross-selling in antipodean currencies continues to stand out. After the key technical breaks in AUD/JPY earlier in the week, NZD/JPY is following suit today as price breaks the 200-dma support for the first time since June last year. Slippage through 90.82 would mark a total reversal of the rally off the early May lows, and could come into contention on an extension lower - the cross has traded lower in 10 of the past 11 sessions - helping trigger a technically oversold signal in the 14-day RSI. 
  • Sour earnings from both Alphabet (Google) and Tesla weighed on equity futures after-market Tuesday, which is keeping markets lower this morning (NASDAQ 100 futs -1.0%, Eurostoxx50 fut -0.6%) and keeping global bond yields under pressure. Chinese and Asian equity markets are set to close in the red, and industrial metals are again weaker. China-listed iron ore is off another 2.1% and hitting a fresh multi-month low ahead of the open. 
EquitiesBulletFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.