MNI China Daily Summary: Friday, October 18

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MNI: EUROZONE AUG CONSTRUCTION OUTPUT +0.1% M/M, -2.5% Y/Y

MNI: UK SEP RETAIL SALES +0.3% M/M, +3.9% Y/Y

MNI: SWEDEN SEP UNEMPLOYMENT 8.2%

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AUSTRALIA: Albanese Lines Up Budget for May Election

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FOREX: USD Off A Touch, Japan Watching FX Moves

FOREX
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G10 FX trends have moved slightly against the USD in the first part of Friday trade. The USD BBDXY index sits down slightly, last near 1253.25, off a little over 0.10%. 

  • This comes after the index made fresh highs above 1256 in Thursday US trade, levels last seen in early August.
  • USD/JPY has ticked back under 150.00, last near 149.90, around 0.20% stronger in yen terms. Earlier data showed the Sep CPI was slightly above market expectations for the core metrics, with ex fresh food and energy rising 2.1%y/y (2.0% forecast). Services prices were slightly softer though in y/y terms.
  • With the breach of 150.00 in USD/JPY we have official rhetoric on FX stepping up, with Deputy Cabinet Secretary AOKI stating the authorities are watching FX markets closely.
  • AUD/USD got close to 0.6720, but sits back near 0.6700/05 in latest dealings only a touch above end Thursday levels in US trade. China Q3 GDP was mixed with q/q growth below forecasts but y/y growth a touch above. Sep  activity figures saw IP and retail beat, but property remains soft.
  • China/HK equities rallied as the PBoC Governor spoke about the swap facility to support local bourses, although at the break markets are off highs. Iron ore and copper are also off earlier highs.
  • NZD/USD is little changed, last near 0.6060. Earlier highs were above 0.6070.
  • US equity futures sit close to unchanged. US yields are down a touch in terms of Tsys.
  • Looking ahead in the UK we have retail sales, we have housing starts, along with Fed speak from Bostic and Waller. 
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G10 FX trends have moved slightly against the USD in the first part of Friday trade. The USD BBDXY index sits down slightly, last near 1253.25, off a little over 0.10%. 

  • This comes after the index made fresh highs above 1256 in Thursday US trade, levels last seen in early August.
  • USD/JPY has ticked back under 150.00, last near 149.90, around 0.20% stronger in yen terms. Earlier data showed the Sep CPI was slightly above market expectations for the core metrics, with ex fresh food and energy rising 2.1%y/y (2.0% forecast). Services prices were slightly softer though in y/y terms.
  • With the breach of 150.00 in USD/JPY we have official rhetoric on FX stepping up, with Deputy Cabinet Secretary AOKI stating the authorities are watching FX markets closely.
  • AUD/USD got close to 0.6720, but sits back near 0.6700/05 in latest dealings only a touch above end Thursday levels in US trade. China Q3 GDP was mixed with q/q growth below forecasts but y/y growth a touch above. Sep  activity figures saw IP and retail beat, but property remains soft.
  • China/HK equities rallied as the PBoC Governor spoke about the swap facility to support local bourses, although at the break markets are off highs. Iron ore and copper are also off earlier highs.
  • NZD/USD is little changed, last near 0.6060. Earlier highs were above 0.6070.
  • US equity futures sit close to unchanged. US yields are down a touch in terms of Tsys.
  • Looking ahead in the UK we have retail sales, we have housing starts, along with Fed speak from Bostic and Waller.