MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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

Greenback Under Pressure, JPY and CHF Outperform

FOREX
  • Broad dollar indices lost ground on Friday on the back of weaker import price index data and a sharp drop in University of Michigan sentiment data.
  • The dollar index (-0.56% as of writing) had been on the backfoot, approaching the post CPI lows before the data, however the releases exacerbated the weakness, with the index sharply extending to the lowest levels of the week.
  • Notable advances were seen in historically safe haven currencies with the Japanese Yen and Swiss Franc seeing particular strength.
  • USDJPY (-0.72%) continued to trade with a heavy tone, extending losses for the week sub 110.00, hovering just above 109.50. Initial support not seen until 108.72, before more significant support at 108.47, a Fibonacci retracement.
  • USDCHF (-0.86%) reversed aggressively almost back to unchanged on the week after a strong breakout, initiated last Friday following the payrolls data. The pair may look to 0.9120 previous lows for some short-term support.
  • Elsewhere gains in line with the magnitude of DXY weakness were seen for GBP, AUD, NZD and NOK.
  • The laggards were the Chinese Yuan and the Canadian Dollar, unable to benefit from the USD weakness.
  • Attention will likely turn towards next week's US retail sales report as well as the latest set of FOMC minutes. The RBNZ will also meet where they are expected to raise the official cash rate to 0.5%. Additionally, the UK and Canada will report July CPI data.
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.