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MNI China Daily Summary: Friday, September 15

MNI BRIEF: Economy To Continue Recovery - NBS Spokesperson

MNI BRIEF: BOJ Tankan To Show Better Sentiment, Price Views

August Home Sales Continue Decline After BOC Resumed Rate Hikes

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Greenback Firmer for Fourth Session as Markets Adopt Cautious Approach

FOREX
  • Following a more tumultuous Wednesday session, GBP/USD is looking more stable, trading back to flat/minor positive territory to erase the ~30 pips losses suffered in Asia trade. Despite the more steady spot rate, the short-term outlook remains negative, with downtrendline resistance sitting just above at 1.2395, ahead of yesterday's highs at 1.2470. A break and close above here is required to steady the current bearish outlook.
  • For a second successive session, NZD is the poorest performer in G10 - extending losses on the back of the unexpected declaration from the RBNZ that their tightening phase had concluded. This puts NZD/USD over 2.75% lower than pre-CB decision levels, and at the lowest level since November last year. Support undercuts at 0.6025, the 50% retracement for the October - February upleg.
  • The greenback trades well, with markets adopting a more cautious footing after the warning over US' sovereign ratings from Fitch late yesterday. The USD Index is firmer for a fourth consecutive session, tipping the measure to a new multi-month high.
  • Focus ahead turns to CB speak, with ECB's Villeroy, Centeno and de Cos on the docket as well as Fed's Barkin & Collins and BoE's Haskel. The data focus looks to weekly US jobless claims, secondary read for Q1 GDP and the pending home sales release for April.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income NewsForeign Exchange News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income NewsForeign Exchange News

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