MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

MNI: GERMANY JUL UE RATE (SA) 6.0% (FCST 5.9%); JUN 6.0%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Dollar Whipsaws But Ends Lower Following Fed Press Conference

FOREX
  • Immediate price action saw the greenback kneejerk lower following the release of the November FOMC statement. The USD retreated roughly 30 pips before immediately finding support.
  • Heading into the press conference the dollar fully retraced and made new highs post the release, however, the rejuvenation was short-lived and the dollar once again traded with an offered tone, eventually making fresh session lows.
  • With the continued buoyancy in equity markets, risk-tied currencies are back on the front foot, with NZDUSD leading the charge, up 0.77%. In emerging markets there was a considerable near 2% turnaround after rejecting the late march highs above 20.97.
  • EURUSD reacted in tandem with the magnitude of moves seen in broad dollar indices, to trade back above 1.16, up a quarter point on Wednesday. USDJPY particularly lacked direction, spending the majority of the day trading either side of unchanged around the 1.1400 mark.
  • Elsewhere cable remained well bid throughout the majority of the day, with multiple lows beneath 1.3610 potentially signalling a short-term inflection point. On the upside, key short-term resistance has been defined at 1.3835, Oct 20 high where a break would instead confirm a resumption of the recent upleg and open 1.3913 once again, Sep 14 high.
  • Aussie retail sales data overnight along with a rate decision from the Norges Bank kicks off the European morning. The focus then turns to the Bank of England Decision, headlining the event risk on Thursday.
Energy BulletsCommodities
Energy BulletsCommodities

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.