MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: US JUN PERSONAL INCOME +0.2%; NOM PCE +0.3%

Monthly Retail Sales Volatility Obscures Still-Positive 3m/3m Trend

Retail Sales Grow Slightly In June, Consistent With Surveys

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

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

JPY Offered, EUR/JPY Touches Fresh Multi-Decade Highs

FOREX
  • With markets geared for a potential formal tweak to yield curve control, asset markets were disappointed by no headline change to policy, and merely a more flexible approach to policy-setting. Resultingly, markets have interpreted the decision dovishly, tipping JPY lower against all others in G10. USD/JPY is rallying back toward the cycle highs at 150.78, while EUR/JPY makes a clear break to cycle highs.
  • EUR/JPY rallied to 160.15 this morning, breaking to the highest levels since August 2008.
  • NOK sits offered on the back of the Norges Bank FX sales being upped to NOK 1.4bln/day from NOK 1.2bln prior - EUR/NOK hits session highs, aided by the rallying EUR, but USD/NOK also on the front foot, recovering off the overnight low of 11.1306.
  • EUR/NOK showing through the late October high to print the best levels since early July. Likely to place further pressure on the I-44 import-weighted FX rate, which printed at 122.11 yesterday, in close proximity to multi-month highs from Oct26.
  • EUR is modestly outperforming along with SEK, benefiting from the steadier market backdrop as futures point to a positive open on Wall Street later today.
  • Focus ahead turns to the Japanese confirmation of potential FX intervention across October at 1000GMT/0600ET, with MNI Chicago PMI the highlight on the data docket.
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.