MNI BRIEF: Japan June Core CPI Rises 2.6% Vs. May +2.5%

MNI BRIEF: Fed's Bowman Wants A More Effective Discount Window

MNI BRIEF: Fed Risks Soft Landing If It Doesn’t Cut - Goolsbee

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

CLARIFY: JAPAN JUNE SERVICES PRICES +1.7% Y/Y; MAY +1.6%

MNI JAPAN JUNE CORE CPI +2.6% Y/Y; MAY +2.5%

MNI: UK JUL GFK CONSUMER CONFIDENCE INDEX -13

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

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

JPY Weakens In Early Trade

JPY

USD/JPY has caught a bid and last trades +16 pips at Y106.37,after hitting fresh session highs of Y106.41, with broader yen weakness creeping in. The rate has struggled to make much headway beyond Y104.40, where it peaked on Thursday. Both headline and core Tokyo CPI came in at -0.3% Y/Y vs. exp. of -0.4%.

  • This comes after the rate ground higher Thursday, staging a foray above key resistance from Feb 17 high of Y106.22. The pair drew support from a broader demand for the greenback, which gains on the back of stronger U.S. Tsy yields & month-end flows.
  • There has been speculation that the BoJ could conduct an unscheduled round of JGB purchases to cap the overnight rise in yields.
  • Kyodo News and NHK both reported that the gov't is set to decide today to lift the Covid-19 state of emergency in five prefectures (Aichi, Gifu, Osaka, Kyoto and Hyogo) at the end of Feb.
  • Bulls look for a continued rally above Sep 3, 2020 high of Y106.55, towards the upper 1.0% 10-DMA envelope at Y106.78. Bears keep an eye on Feb 23 low of Y104.92, followed by trendline support at Y104.74.
  • Japanese retail sales and flash industrial output are due shortly, with housing starts and construction orders due later in the day.
  • Japanese highlights next week include final Jibun Bank M'fing PMI (Monday), unemployment, capex & company sales/profits (Tuesday), final Jibun Bank Services/Composite PMIs (Wednesday) and Consumer Confidence (Thursday).
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign Exchange Bullets

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.