FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Holding Close To 160.00, Main Local Data Focus On Friday With Tokyo CPI Out

JPY

USD/JPY tracks around 159.65 in early Wednesday dealings, close to levels that prevailed in the early parts of Tuesday trade. Yen was close to unchanged for Tuesday's session, slightly outperforming some other parts of the G10 space. The BBDXY rose 0.16% for Tuesday's session.

  • USD/JPY continues to be supported on dips, we couldn't test sub earlier Tuesday lows of 159.19, while intra-session lows from Monday (158.82) also remained intact.
  • Upside focus rests firmly on the 160.00, given the late April breach above this level sparked intervention from the authorities. We have seen a step up in verbal rhetoric this week.
  • USD/JPY looks too elevated relative to softer US-JP yield momentum (nominal US cash Tsy yields ticked higher on spill over from stronger Canadian CPI in Tuesday trade), but underlying Fed-BoJ policy divergences remain wide, and the timing of the Fed easing cycle remains uncertain. This is limiting broader USD pull backs.
  • The local data calendar is empty until tomorrow's retail sales print. Focus will also rest on Friday's jobless data and Tokyo CPI print.
  • Note in the option expiry space the following for NY cut later today: Y158.90-00($2.2bln), Y159.40-50($1.4bln), Y159.75($568mln), Y160.00($878mln).
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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.