-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessHawkish Central Bank Musings Spoil Sentiment, BoJ Chatter Supports Yen
The growing prominence of hawkish overtones in recent comments from Fed members continued to undermine appetite for risk assets, with Asia-Pac equity benchmarks taking their cue from Thursday's tech-driven rout on Wall Street. Expectations of global policy tightening were fuelled by a back-to-back rate hike from the BoK, who signalled that their policy rate remains below its neutral (i.e. neither expansionary nor contractionary) level. Elsewhere, Reuters reported that the BoJ are debating how to begin messaging an eventual interest rate hike, which could be delivered before the Bank meets its inflation target (albeit not imminently).
- The yen caught a bid on the back of broader risk aversion and hawkish BoJ musings. This allowed USD/JPY to extend this week's losses past the Y114.00 mark, which provided a layer of support on Thursday. Recall that the BoJ hold a monetary policy meeting next week and may modestly upgrade their FY2022 inflation forecast.
- The Antipodeans landed at the bottom of the G10 pile amid reduced appetite for risk proxies. The USD also traded on a softer footing, but the dollar index (DXY) struggled to break below its 100-DMA. This occurs ahead of a long weekend in the U.S. which may thin out liquidity on Monday.
- Yuan bulls breathed a sigh of relief after the PBOC set their central USD/CNY mid-point just 15 pips above average estimate (as per Bloomberg survey of analysts), a moderation from yesterday's 60-pips bias. A solid round of Chinese data, which showed that monthly trade surplus topped expectations and hit an all-time high, failed to move the redback.
- UK economic activity indicators as well as U.S. industrial output & retail sales take focus from here. The central bank speaker slate features Fed's Williams, ECB's Lagarde & Riksbank's Ingves.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.