MNI BRIEF: RBA Says Financial System Robust

MNI: PBOC Net Drains CNY231.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0354 Thurs; +3.96% Y/Y

CHINA PBOC CONDUCTS CNY292 BLN VIA 14-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.0354 THURS VS 7.0202

MNI BRIEF: Fed’s Kugler-Inflation Undershoot Not Baseline Case

EZ/UK Bond Supply Calendar: 5/5/10-Year BTPs / CCTeu Due Friday

US EIA: CRUDE OIL STOCKS EX SPR -4.47M TO 413.0M SEP 20 WK

MNI: US AUG NEW HOME SALES -4.7% TO 0.716M SAAR

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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

FOREX: USDJPY Rallies 200 Pips on Ueda Comments, GBPUSD Fresh Cycle High

FOREX
EM BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • USDJPY is extending its impressive bounce on Friday as Bank of Japan Governor Ueda acknowledged that “the upside risk to prices does appear to be easing given the recent yen strength”.
  • Ueda added that time remains to confirm certain points when making policy decisions, indicating that the BOJ will assess the incoming data and economic conditions overseas in the coming months, especially in the US.
  • USDJPY bounced significantly on the comments from 141.74 lows and continues to press fresh session highs above 143.80 at typing. It is worth noting this is within close proximity of the post-FOMC high, located at 143.95. Price action sees us back above the 20-day EMA, an average that was pierced on Thursday and a close above this point will be a bullish development. Above here, markets would focus on a move back towards 145.57, the September 04 high.
  • This has tilted the USD index into positive territory, although price action for other major pairs has been relatively contained.
  • GBPUSD rose to a fresh cycle high of 1.3340 following stronger-than-expected retail sales data in the UK. The move higher this week has resulted in a print above key resistance at 1.3266, the Aug 27 high. The break confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Sights are on 1.3362 next, a Fibonacci retracement point.
  • Bank of Canada’s Macklem is due to speak before Canada retail sales data. There may also be comments from ECB’s Lagarde and Fed’s Harker to round off the week.
257 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.
  • USDJPY is extending its impressive bounce on Friday as Bank of Japan Governor Ueda acknowledged that “the upside risk to prices does appear to be easing given the recent yen strength”.
  • Ueda added that time remains to confirm certain points when making policy decisions, indicating that the BOJ will assess the incoming data and economic conditions overseas in the coming months, especially in the US.
  • USDJPY bounced significantly on the comments from 141.74 lows and continues to press fresh session highs above 143.80 at typing. It is worth noting this is within close proximity of the post-FOMC high, located at 143.95. Price action sees us back above the 20-day EMA, an average that was pierced on Thursday and a close above this point will be a bullish development. Above here, markets would focus on a move back towards 145.57, the September 04 high.
  • This has tilted the USD index into positive territory, although price action for other major pairs has been relatively contained.
  • GBPUSD rose to a fresh cycle high of 1.3340 following stronger-than-expected retail sales data in the UK. The move higher this week has resulted in a print above key resistance at 1.3266, the Aug 27 high. The break confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Sights are on 1.3362 next, a Fibonacci retracement point.
  • Bank of Canada’s Macklem is due to speak before Canada retail sales data. There may also be comments from ECB’s Lagarde and Fed’s Harker to round off the week.