MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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

Rising Core Yields Bolster USDJPY Recovery

JPY
  • Following USDJPY printing a new marginal low for the week at 139.03, the pair has had a sharp turnaround, rising back above the 140 handle in most recent trade, underpinned by the renewed pressure on core rates.
  • Assisted by the BOC’s hawkish surprise, US yields have climbed between 10-15bps across the curve, with the hawkishness also boosting the implied cumulative hiking priced for the ECB and BoE by 3bp / 7bp respectively, to fresh June highs.
  • With yield differentials widening, the Japanese Yen has suffered with USDJPY rising as much as 120 pips from the lows to print 140.23 in recent trade. However, it is worth noting that bounce places the pair broadly in line with Friday’s close, on a week with no significant tier-one data releases. All eyes remain focused on the US CPI print next week, which precedes the June FOMC decision.
  • Trend conditions in USDJPY remains bullish. Attention is on key resistance at the top of a bull channel, drawn from the Jan 16 low, which intersects at 141.11 today. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. Key support to watch is 138.45, the 20-day EMA.
EM BulletHomepageBulletMarketsEmerging Market NewsForeign 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.