MNI: PBOC Net Injects CNY166.2 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.0982 Mon; +2.91% Y/Y

CHINA PBOC CONDUCTS CNY208.9 BLN VIA 7-DAY REVERSE REPOS MON

CHINA PRESS: Banking Regional Disparities Widening - Report

CHINA SETS YUAN CENTRAL PARITY AT 7.0982 MON VS 7.1274

MNI BRIEF: China's Investment To Rebound In 2025 - Advisor

MNI: US SEP TREASURY BUDGET $64.3B

MNI: US SEP HOUSING STARTS 1.354M; PERMITS 1.428M

EZ/UK Bond Supply Calendar: IT, SL, EU, BE, BoE APF on Monday

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

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

JPY: NZDJPY Consolidates 3% Surge Post Dovish BOJ Remarks

JPY
BulletForeign Exchange Bullets
  • Dovish remarks from BOJ Deputy Governor Uchida overnight stoked a strong reversal lower for the Japanese Yen, and despite a moderate pullback across early European hours, USDJPY trades back above the 147 handle, consolidating near 2% gains on the session. 
  • As a reminder, BOJ’s Uchida stated that rates won't be raised if the market is unstable, and the rate path will shift if market moves affect the economic outlook. This offset earlier comments that rates would continue to rise if projections unfolded as expected.
  • The latest USDJPY recovery - a correction - is allowing an oversold condition to unwind. Intraday highs at 147.90 represent short-term resistance and above here, the more notable resistance level resides at 149.77, the Aug 2 high.
  • NZDJPY stands out as the key outperforming cross, rising over 3% on the day and extending the bounce of the week’s lows to 6.6%. This follows the earlier Q2 employment data beat, which prompted RBNZ easing expectations for next week's meeting to considerably diminish. Psychological and pivot resistance for this cross comes in at 90.00.
174 words

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.
  • Dovish remarks from BOJ Deputy Governor Uchida overnight stoked a strong reversal lower for the Japanese Yen, and despite a moderate pullback across early European hours, USDJPY trades back above the 147 handle, consolidating near 2% gains on the session. 
  • As a reminder, BOJ’s Uchida stated that rates won't be raised if the market is unstable, and the rate path will shift if market moves affect the economic outlook. This offset earlier comments that rates would continue to rise if projections unfolded as expected.
  • The latest USDJPY recovery - a correction - is allowing an oversold condition to unwind. Intraday highs at 147.90 represent short-term resistance and above here, the more notable resistance level resides at 149.77, the Aug 2 high.
  • NZDJPY stands out as the key outperforming cross, rising over 3% on the day and extending the bounce of the week’s lows to 6.6%. This follows the earlier Q2 employment data beat, which prompted RBNZ easing expectations for next week's meeting to considerably diminish. Psychological and pivot resistance for this cross comes in at 90.00.