MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Greenback Firms, CNH Underperforms Amid US Holiday Thinned Trade

FOREX
  • It was no surprise that currency markets traded with a subdued tone as the US Juneteenth holiday kept volatility broadly in check. With that said, the greenback has traded with a surer footing, with the USD index rising around 0.3% on Monday. Antipodean FX consolidated early weakness amid waning risk appetite on the lack of detail on further Chinese stimulus.
  • There was a similar story for the Chinese Yuan, with most of today’s onshore trading session dominated by a feeling of disappointment re: a lack of immediate stimulus announcements at the end of Friday’s State Council meeting with focus now on July’s Politburo meeting re: a potential ground for such announcements. Spot last deals just above CNH6.1600, ~350pips higher on the day, with the well-defined technical uptrend in the pair intact.
  • Despite the considerable moves for gilts, there has been little impact on GBPUSD which actually trades 0.25% lower on the session amid the greenback strength. However, the pair is broadly consolidating its impressive advance last week, just below the 1.2800 mark. Moving average studies remain in a bull-mode condition reflecting current trend conditions and the focus turns to 1.2877, the Apr 25 2022 high.
  • After breaking the top of a bull channel drawn from the Jan 16 high last week, USDJPY has confirmed a resumption of the uptrend, maintaining the bullish sequence of higher highs and higher lows. The pair has been consolidating on Monday and sits just below the 142.00 handle with the next target at 142.25, the Nov 21 2022 high.
  • A very light data docket on Tuesday, void of tier-one releases. RBA minutes will be the highlight overnight before markets focus on UK CPI, due Wednesday.
Energy BulletsCommodities
Energy BulletsCommodities

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.