Free Trial

Shanghai COVID Headlines Put Market On Alert, Yen Struggles To Find Reprieve

FOREX

The yen is struggling to regain poise amid its current bout of weakness. Spot USD/JPY printed a fresh two-decade high (at Y134.56) for the fourth day in a row around the Tokyo open, but then eased off slightly as the Nikkei 225 posted gains.

  • Spot USD/CNH has added a handful of pips, just enough to punch through yesterday's high. The move coincided with headlines noting that Shanghai will lock down the Minhang district Saturday morning for mass COVID test.
  • Fresh selling pressure hit the Antipodeans, sending AUD/USD and NZD/USD to new session lows. They are the worst G10 performers as we type.
  • The ECB will announce its monetary policy decision later on Thursday, with President Lagarde due to hold a press conference shortly after.
  • The speaker slate features BoC's Macklem & Riksbank's Breman, while key incoming data releases include Chinese trade figures & U.S. jobless claims.

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.