FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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

FOREX: Dollar Advance Trimmed, But Still Tracking Up For 7th Straight Week

FOREX
BulletMarketsFixed Income BulletsForeign Exchange Bullets

Some modest retracement has been evident in the USD as Friday's Asia Pac session unfolds. The BBDXY index was last near 1286.7, off close to 0.15% for the session. We are still up strongly for the week, +1.49%, which would mark the seventh straight weekly gain. Thursday intra-session highs in the index were around 1290. 

  • USD/JPY is back close to unchanged, last near 156.40, after earlier touching fresh multi month highs of 156.75. Earlier comments from the FinMin around FX moves have likely helped, 'monitoring FX markets with a very high sense of urgency'. The market may also be assessing what BoJ Governor Ueda will say in a speech on Monday in Japan. No fresh hawkish rhetoric would likely weigh on yen all else equal.
  • US yields are marginally off earlier highs as well, helping yen at the margins. Like the USD we are still up strongly for the week in yield terms.
  • AUD/USD and NZD/USD have ticked up by around 0.20%. A$ last near 0.6465/70, NZD at 0.5860, so both still very close to weekly lows recorded on Thursday.
  • It is a similar backdrop for most USD/Asia pairs as well, USD/CNH has tested back under 7.2400, USD/KRW spot near 1400.
  • The regional equity tone is mixed, but has turned slightly more positive as the session has progressed. Japan and Hong Kong markets are higher, while China markets are struggling after mixed Oct activity data, although the consumer is showing signs of life with higher retail sales than forecast.
  • Looking ahead, we have UK data, including monthly GDP on tap. In the US retail sales is out. Fed speak from Goolsbee and Collins will also cross. ECB speak is also due.  
279 words

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.

Some modest retracement has been evident in the USD as Friday's Asia Pac session unfolds. The BBDXY index was last near 1286.7, off close to 0.15% for the session. We are still up strongly for the week, +1.49%, which would mark the seventh straight weekly gain. Thursday intra-session highs in the index were around 1290. 

  • USD/JPY is back close to unchanged, last near 156.40, after earlier touching fresh multi month highs of 156.75. Earlier comments from the FinMin around FX moves have likely helped, 'monitoring FX markets with a very high sense of urgency'. The market may also be assessing what BoJ Governor Ueda will say in a speech on Monday in Japan. No fresh hawkish rhetoric would likely weigh on yen all else equal.
  • US yields are marginally off earlier highs as well, helping yen at the margins. Like the USD we are still up strongly for the week in yield terms.
  • AUD/USD and NZD/USD have ticked up by around 0.20%. A$ last near 0.6465/70, NZD at 0.5860, so both still very close to weekly lows recorded on Thursday.
  • It is a similar backdrop for most USD/Asia pairs as well, USD/CNH has tested back under 7.2400, USD/KRW spot near 1400.
  • The regional equity tone is mixed, but has turned slightly more positive as the session has progressed. Japan and Hong Kong markets are higher, while China markets are struggling after mixed Oct activity data, although the consumer is showing signs of life with higher retail sales than forecast.
  • Looking ahead, we have UK data, including monthly GDP on tap. In the US retail sales is out. Fed speak from Goolsbee and Collins will also cross. ECB speak is also due.