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 Weakens, AUDNZD Rises 0.75% Following Soft NZ Inflation Print

FOREX
  • Philly Fed Manufacturing index data was surprisingly weak in April (-31.3 vs. -19.3 est.), marking a near-three year low for the metric. Despite a brief bout of USD strength before the data, the greenback weakened in the aftermath and sits moderately lower approaching the APAC crossover.
  • An associated recovery for major equity indices boosted the likes of the Aussie, which is the strongest in G10. In particular, AUDNZD gains of 0.75% are notable on Thursday as the New Zealand dollar remains weighed down by a softer inflation print overnight. Q1 CPI slowed to 1.2% against expectations of a 1.5% print, helping prompt a number of sell-side outfits to redraw RBNZ expectations around the May interest rate hike possibly being the last in the cycle.
  • The Japanese Yen was among the best performers on the back of lower core yields with particular outperformance seen at the front-end of the US curve following the US data. USDJPY had reached an overnight high of 134.97 before sliding all the way back to the 134.00 handle throughout US hours.
  • EUR/NOK continues to grind higher, hitting a new cycle best at 11.6444 today and the highest since Apr'20. Key upside level in EUR/NOK crosses at 11.7486 - the 61.8% retracement for the 2020-2022 downleg and could come into play should the Apr'20 high of 11.6966 give way.
  • Focus quickly turns to flash PMI data on Friday for any signals on the trajectory for the health of eurozone and the US economies. Retail Sales data for both the UK and Canada will also cross.
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.