MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

BOJ SEES BIGGER UPSIDE RISKS TO PRICES IN FY2024, 2025

BOJ SEES FY24 REAL GDP +0.6% VS. APR +0.8%

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Japan Jun Retail Sales +3.7% Y/Y

Japan Jun Ind. Output -3.6% M/M; First Fall In 2 Mths

MNI BRIEF: Aussie CPI In Line With Forecasts

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

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

Retains Heavy Feel Into 2021

EURGBP
MNI (London)
  • Passing of the UK Brexit Bill provided GBP with a continued buoyant tone through the month-year end fix last Thursday.
  • EUR/USD however was pressed lower through the fix, despite model projections for demand to be seen, and allowed EUR/GBP to be pressured outside the base of its 1.0% 10-dma envelope to Gbp0.8933 ahead of the close.
  • The cross moved back inside the envelope in Asia, as the envelope base eased from Gbp0.8930 to current level of Gbp0.8917, trading to Gbp0.8965.
  • However, GBP buoyancy in the new year sees the cross trading around Gbp0.8950.
  • Support seen at Gbp0.8933 ahead of Gbp0.8915-00. Resistance Gbp0.8965.
  • Whilst the cross holds below its 10-dma(current Gbp0.9007) it keeps the near term outlook bearish.
  • MNI Techs: EURGBP maintains a bearish outlook and ended last year on a soft note. The cross recently cleared a key support at 0.8983, Dec 4 / 7 low. The break highlights a bearish chart feature and the risk of a deeper sell-off. The move lower Thursday paves the way for a weakness towards 0.8867, Nov 23 low. On the upside initial firm resistance is 0.9093, Dec 29 high and 0.9156, Dec 22 high. Clearance of these hurdles would expose the key 0.9230 Dec high.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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.