MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI: AUSTRALIA Q3 BIZ INDICATORS INVENTORIES -0.9%

MNI: AUSTRALIA OCT BUILDING APPROVALS +4.2% M/M, +6.1% Y/Y

MNI: AUSTRALIA NOV DWELLING APPROVALS +4.2% M/M

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

JPY Trades Firmly As Sentiment Dampens, Greenback Rallies Back To Unchanged

FOREX
  • Growth proxies and commodity-tied FX initially outperformed on Wednesday. However, as both equities and commodities reversed course throughout the US session, the US dollar/haven FX rallied and risk-tied currencies retraced lower.
  • The Japanese Yen topped the G10 leaderboard, rising 0.35% against the greenback with greater gains evident on the crosses. USDJPY short-term bearish technical threat remains in place. Tuesday's weakness saw prices test and show below key short-term support at 112.73, Nov 9 low before prices improved ahead of the close. A clear break would open 112.08 next, a recent breakout level.
  • One of the sharpest reversals was in USDCAD, bouncing just under 1% from lows of 1.2714 to around 1.2830. A strengthening of the current bullish theme signals scope for strength towards 1.2896 next, the Sep 20 high.
  • Despite the early dollar weakness, price action has been supportive throughout the latter half of the session with broad dollar indices trading on the front foot and into positive territory as of writing.
  • Back in the spotlight in emerging markets was the Turkish lira, which sharply rallied as the Turkish central bank intervened in the market. This comes following the Presidents unwavering rhetoric towards lowering interest rates. The Turkish monetary authority said that they intervened in markets by selling foreign currencies for the first time in seven years. After the colossal move from 13.88 down to 12.42, the pair consolidated within a 13.00-13.40 range for the rest of the session, currently down 1.8% on the day.
  • Australian retail sales and trade balance data due overnight before European unemployment figures. US unemployment claims also due with a number of potential Fed speakers listed as we approach the FOMC blackout. The markets focus will be on Friday’s release of US non-farm payrolls.
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.