MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

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

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

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

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Pursuit For Safe Havens Favours Yen, Core CPI On Tap Today

JPY

The yen capitalised on its safe-haven status Thursday, extending gains as a former Japanese FX off'l flagged a currency intervention as a possibility (adding several caveats though). As we approached the WMR fix, spot USD/JPY plunged below the Y135.00 figure, which capped subsequent recovery attempts.

  • The rate last deals at Y134.83, down 12 pips on the day. From a technical standpoint, downside focus falls on key support from Jun 16 low of Y131.50, with bears also on the lookout for RSI signals. Bulls need a break above Jun 22, 2022/Oct 30, 1998 highs of Y136.71/136.88 to reaffirm their dominance.
  • The view that the pair might be topping out (or at least poised for correction) keeps building among options traders, with 1-month risk reversal printing fresh weekly lows again.
  • Japan's core CPI takes focus today. The annual rate of growth in core inflation is expected to have stayed unchanged at +2.1% in May. Elsewhere, we will get comments from BoJ's Amamiya.
  • Next week's data highlights include retail sales & consumer confidence (Wednesday), flash industrial output (Thursday) as well as Tokyo CPI, unemployment & Tankan Survey (Friday).
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