MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

JPY Rally Slows, But Trend Direction is Still Higher

FOREX
  • The week's JPY rally persisted well through the European morning, pressing USD/JPY through the Y152.00 handle for the first time since early May, marking a total correction off the cycle highs of 1,000 pips. The aggressive short covering-triggered rally pressured EUR/JPY, NZD/JPY and AUD/JPY to new pullback lows.
  • A strong set of US growth numbers briefly interrupted the one-way traffic in the JPY, as advanced GDP data for Q2 came in ahead of expectations. The stabilization above the lows allows the near-term oversold condition in USD/JPY to unwind.
  • Outside of JPY, CHF has extended recent outperformance, as soft global equities and JPY volatility undermines the carry trade dynamics that have dominated across the first half of 2024. USD/CHF broke to a new low and through the 0.88 handle in the process.
  • Focus for Friday turns to Tokyo CPI for July - one of the last looks at inflation momentum in Japan ahead of next week's BoJ decision - at which markets continue to speculate over the possibility of a further rate hike from the Bank of Japan. A 10bps hike from 0.1% is more than 50% priced by markets, but a hot CPI print for Tokyo could help bed in this pricing further. The ECB's inflation expectations survey is also due, ahead of June personal income/spending and PCE price index numbers from the US.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

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.