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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.
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Free AccessJPY Outperforms On China COVID Dynamic, Antipodeans Struggle
A continued uptick in the daily count of new Chinese COVID cases, which hit another record high, as well as pockets of social unrest related to COVID restriction across some of the major Chinese cities dominated Asia-Pac dealing, with equities trading lower and U.S. Tsys bid.
- This left the JPY atop the G10 FX pile, with USD/JPY operating 80 pips or so lower on the day as we move towards London hours. USD/JPY sits at Y138.40, with bears focused on the bear trigger located at the Nov 15 low (Y137.68).
- The USD outperformed the remainder of its G10 FX peers, with the Antipodeans struggling owing to links to China and their high beta status, while the softer than expected AUD retail sales data added a local source of pressure for the Aussie.
- Elsewhere, USD/CNH gapped higher, but staged a pretty impressive pullback from session highs of circa CNH7.2600, even as Chinese & HK equities struggled, as the previously flagged COVID-related matters in China dominated news flow. The rate last deals a touch above CNH7.2200, with the major HK & Chinese equities also operating off of lows.
- Looking ahead, headline flow surrounding the proposed price cap on Russian crude oil will garner attention. Meanwhile, the Dallas Fed m’fing index headlines a limited global economic docket on Monday, with comments from a raft of ECB speakers, headlined by President Lagarde, as well as Fedspeak from Williams & Bullard, also slated.
To read the full story
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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.