DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JPY Weakens As Dollar Holds Steady Before Jackson Hole

FOREX
  • With US equities grinding higher on Wednesday, the Japanese Yen retreated with USDJPY (+0.35%) regaining the 110 handle.
  • For bulls, key near-term resistance is unchanged at 110.80, Aug 11 high. A break would ease bearish concerns and instead open key resistance at 111.66, Jul 2 high.
  • Firmer risk sentiment evidenced by an extension of the commodities recovery kept Aussie and Kiwi underpinned, rising between 0.3-0.4%.
  • EURUSD and GBPUSD have taken out Tuesday's best levels as we approach the close, sending the dollar index into minor negative territory.
  • The mixed G10 performance has left the dollar index broadly unchanged for the session as markets await the Jackson Hole Symposium where MNI expect to hear Powell repeat many recent talking points, and provide more clarity on some issues surrounding policy normalization, without pre-committing to a taper timeline.
  • The consolidation of most recent oil gains lent further support to NOK topping the G10 pile against the greenback.
  • Tomorrow markets will receive ECB Monetary Policy Meeting Accounts, followed by the second reading of Q2 US GDP. Fed's George, Bullard and Kaplan are currently on Thursday's speaker schedule.
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.