MNI BRIEF: PBOC Held Gold Purchases In Aug, Forex Reserves Rose

MNI: WILLIAMS SAYS JOBS DATA CONSISTENT WITH SLOWING ECONOMY

MNI BRIEF: US Aug Jobs Confirm Fed Rate Cut; U-Rate 4.2%

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, JULY -86K

MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

EZ/UK Bond Supply Calendar: EU Syndication; BoE APF Due Monday

CANADA AUG IVEY PURCHASING MANAGERS INDEX 48.2 SA

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, JULY -86K

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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

JPY Firmer for Second Session as Authorities Step Up Jawboning

FOREX
  • USD/JPY slipped to a session low following the release of a joint statement made by the MoF, FSA and BoJ. The statement clarified that the authorities had a meeting after the sudden move in the JPY, stressing that the authorities will watch the FX moves even more carefully, and with a sense of urgency.
  • The statement is just jawboning for now, but looked like a modest step-up in language/urgency. The phrasing on intervention, however, looked broadly inline with the communication on currency back in late April, when the MoF stressed that recent FX moves warrant extreme concern, and will respond appropriately on FX if needed.
  • Elsewhere, EUR/USD is extending the post-ECB pullback, with the pair showing below 1.06 for the first time since mid-May. The step lower in the currency remains dislocated from the run higher in rate expectations, with year-end rate expectations hitting a contract high yesterday at 0.89%.
  • Focus turns to the US CPI release, with markets expecting CPI to pick up to 0.7% on the month, although core prices are seen moderating on a M/M and Y/Y basis. Full MNI preview here: https://marketnews.com/mni-us-cpi-preview-moderati...
  • Preliminary Uni of Michigan confidence also crosses, as well as Canada's May jobs report.
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.