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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Injects CNY14.2 Bln via OMO Friday
MNI: BOJ Tankan: Key Sentiment Rises, Solid Capex Plans
Risk Aversion Spills Over Into Asia, Greenback Catches Bid
Risk aversion carried over into the Asia-Pac session, with the greenback retaining bid tone as equity markets were flashing red. Headline flow was relatively light, focus remained on some disappointing earnings reports and lingering Covid-19 worry. The DXY crept higher but fell short of attacking the prior intraday high.
- Antipodean currencies led losses in G10 FX space. AUD/USD shed ~40 pips and printed fresh YtD lows as the Aussie landed at the bottom of the pile. NZD/USD narrowed in on its 50-DMA, but failed to test the moving average. AUD/NZD extended its current losing streak, sliding through the 100-DMA.
- USD/JPY rallied further above the Y104.00 mark breached yesterday, but resistance from Jan 11 high/100-DMA at Y104.40/42 proved resilient. The yen struggled to benefit from broader demand for safe haven currencies.
- PBOC fixed USD/CNY at CNY6.4845, another miss lower for sell side estimates and drained CNY 150bn via OMOs, even as overnight repo rates hit multi-year highs. There was a piece in the Securities Journal that posited China will offer additional liquidity ahead of LNY.
- KRW underperformed in Asia after the IMF suggested that South Korea should ramp up fiscal and monetary support, while Samsung's Q4 earnings missed expectations & outlook for Q1 was fairly pessimistic. USD/KRW touched best levels since Nov and charted a double bottom pattern.
- On the radar today: U.S. initial jobless claims, new home sales & advance GDP, EZ sentiment gauges, flash German CPI, Swedish unemployment & retail sales as well as comments from ECB's Schnabel.
To read the full story
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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.