MNI: PBOC Sets Yuan Parity Lower At 7.1228 Thurs; +2.24% Y/Y

MNI: PBOC Net Drains CNY218.4 Bln via OMO Thursday

CHINA PBOC CONDUCTS CNY359.3 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1228 THURS VS 7.1307

MNI BRIEF: BOK Holds Rate, Downgrades GDP, CPI View

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

Preliminary August PMIs Improve, But Manufacturing Still Sub 50.0

Local Investors Purchases Of Offshore Bonds Surge In Recent Weeks

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

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

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

EUR Reverses Overnight Dip on Double Digit Spanish CPI

FOREX
  • Spanish inflation prompted some early price action across European assets, with the EU harmonised reading lurching higher to 10.0% from 8.5% and another record high. The release prompted EUR/USD to erase the early losses to trade just above the 1.05 handle once more, but stopping short of the 1.0536 Asia session highs.
  • In contrast, German state CPIs suggest a lower-than-expected reading later today, with states representing a majority weight of the national measure putting M/M at around 0.0-0.1%, well below the 0.4% M/M consensus. The earlier release of North Rhine Westphalia data had prompted some downside in the EUR, but the Spanish release reversed the bulk of the move.
  • EUR/CHF is narrowing in on both parity and the YTD lows posted in March, with 0.9972 the key support going forward. CHF strength follows the continued baking-in of rate hike expectations at the SNB, with SARON markets indicating expectations of further 50bps rate rises at both the September and December policy meetings. This would put year-end rates at +0.75%.
  • AUD/USD is extending the recent streak of underperformance, putting the pair lower for a third consecutive session and within range of key supports at 0.6869 and 0.6851.
  • US GDP and PCE data out later today will likely fail to move the needle, with the tertiary reading expected unchanged across the board. Instead, focus will be on the ECB's Sintra policy forum, at which ECB's Lagarde, BoE's Bailey and Fed's Powell are all due to appear. Fed's Bullard and Mester also make separate appearances.
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.