MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

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: 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

FOREX: JPY Re-Engages Rally, Keeping Greenback Subdued

FOREX
  • Pervasive JPY strength has taken focus early Monday, with a confluence of light volumes, short-covering, pre-Jackson Hole positioning building on a JPY rally that was potentially initially triggered by news of a takeover offer from Japan's Seven & I from Canada's Couche-Tard. The move lower has raised focus on intraday support and levels seen lower at 145.52 (the 50% retracement of the corrective bounce off 141.70) while 15 min candles identify ~146.55-60 as a key pivot point.
  • USD/JPY losses have worked against the USD Index and kept the greenback subdued across the board. Resultantly, GBP/USD has broken higher and is extending the bounce off medium-term support at the 200-dma, which successfully contained the sell-off into the early August low. Resistance at 1.2955 has been cleared on Monday's strength, but the bull trigger and mid-July high at 1.3044 is out of reach for now. Prelim UK PMI numbers due later this week should provide the latest look at services prices and overall economic performance ahead of September's BoE decision on the 19th.
  • Elsewhere, antipodean currencies trade well, with NZD and AUD firmer against most others. AUD/USD has struggled to make headway toward $0.67 so far, but a solid start for equities at the Wall Street open could lend support toward resistance at 0.6693.
  • Focus for the duration of the Monday session turns to July's Leading Index from the US as well as opening remarks from Fed's Waller at a policy workshop, and a late appearance from ECB's Rehn. 
BulletFixed 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.