MNI: FED: NEED MORE FAVORABLE DATA ON INFLATION TO CUT

MNI INTERVIEW2: Europe Must Act To Boost Growth-ECB's Kazaks

MNI BRIEF: European Fiscal Board Calls For Fiscal Tightening

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

MNI BRIEF: ADP's Richardson Sees Pockets of Weakness in US Job Market

MNI BRIEF: NBP Holds Reference Rate At 5.75% As Expected

US Treasury Auction Calendar

US EIA:NAT GAS STORAGE +32 BCF TO 3,134 BCF JUN 28 WK

US EIA: CRUDE OIL STOCKS EX SPR -12.16M TO 448.5M JUN 28 WK

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

JPY Breaks Another Key Level

FOREX
  • JPY extended the downleg into the Thursday close, with both USD/JPY and EUR/JPY moving through a number of notable technical levels. USDJPY marked a sixth consecutive session of higher highs, meaning this week, the pair has cleared the psychological 120.00, 121.00 and now 122.00 handles, strengthening bullish conditions.
  • In the EURJPY cross, prices cleared major resistance at the 2021 highs of 134.13, tilting the RSI higher. This technical measure is now tilting toward flagged overbought conditions for the first time since early February - when it presaged a corrective dip lower from 133.00 to below 126.00.
  • Scandi currencies traded well, with NOK and SEK higher against most others. The Norges Bank raised rates and steepened their rate path projection, indicating rates could be as high as 2.50% at end-2023 - a notable upgrade from their last look in December. A moderation in the oil price worked against NOK into the close, with Brent and WTI shedding 3% apiece.
  • A recovery in Wall Street equities and weight in oil followed a report from Axios, citing the chief of staff to the Ukrainian President as saying that progress had been made in ceasefire negotiations with Russia, expressing "careful optimism".
  • Focus Friday turns to UK retail sales numbers, the German March IFO release and US pending home sales data. Fedspeak continues to filter through, with Daly, Waller, Barkin and Williams on the docket. BoC's Kozicki also makes an appearance.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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.