MNI BRIEF: Japan Oct Services PPI Rises 2.9% Vs. Sept 2.8%

MNI BRIEF: Cuts Should Be Timely But Cautious - Buba's Nagel

MNI BRIEF: ECB Policy Decisions Based On Broad Analysis- Lane

MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: UK NOV BRC SHOP PRICES +0.2% M/M, -0.6% Y/Y

MNI: JAPAN OCT SERVICES PPI +2.9% Y/Y; SEPT REV +2.8%

EZ/UK T-Bill Calendar: 2/3-Month ATB Auction on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Higher Yields Weigh On JPY Ahead Of BOJ Meeting

FOREX
  • The Japanese Yen is one of the poorest performers in G10 to start the week, largely in accordance with higher core yields as major central bank officials push back against cut pricing in early 2024.
  • Despite the move higher for US yields, the USD index has maintained a narrow range on Monday overall, trading in very minor negative territory as we approach the APAC crossover.
  • A softer-than-expected IFO was unable to dent the Euro’s resilient feel on Monday, outperforming its major counterparts. This has seen the likes of EURJPY rise 0.80%, as well as EURGBP receiving a half a percent boost.
  • However, last week’s move lower in EURJPY reinforces the bearish theme and the recent recovery from 153.23, the Dec 7 low is considered corrective. Key short-term resistance to watch is at 157.68, the Dec 11 high.
  • A similar theme for USDJPY (+0.60%) ahead of the key risk event overnight. Bearish conditions have been reinforced and on the upside, key short-term resistance remains defined at 146.59, the Dec 11 high.
  • Our analysis aligns with the prevailing consensus, which once again foresees the BoJ keeping all key targets and YCC parameters unchanged. We anticipate that any revisions to forward guidance would likely coincide with the publication of an Outlook Report.
  • Elsewhere on Tuesday, New Zealand trade balance data and the RBA minutes are scheduled. Final CPI readings for the Eurozone will cross as well as Canada CPI data for November.
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.