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MNI: China CFETS Yuan Index Up 0.32% In Week of Sep 22

MNI: PBOC Injects Net 135 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC INJECTS CNY319 BILLION VIA 14-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: Germany And France To Issue On Monday

MNI: US SEP FLASH S&P MANUF PMI 48.9 (FCST 48.2); AUG 47.9

MNI: CANADIAN JUL RETAIL SALES +0.3%; SALES EX-AUTOS/PARTS +1.0%

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

US Dollar Index Remains At Lows Of Week As Risk Climbs

FOREX
  • Despite some initial strength in broad dollar indices, the greenback weakened back to unchanged and remains close to its worst levels of the week.
  • With risk sentiment continuing to climb, evident by supportive price action in both equity and commodity markets, risk tied FX such as AUD, NZD and GBP all extended their rallies.
  • In similar price action to the previous two sessions, the Japanese Yen remained weak and USDJPY consolidated gains above the 114 mark grinding up to 114.45, the best levels since November 26.
  • Having breached 114.38, the 61.8% Fibonacci retracement of the Nov 24 - 30 downleg, this signals potential for a stronger technical rally.
  • AUDJPY and GBPJPY were the strongest performing pairs, gaining close to 0.75%.
  • In emerging markets the Turkish lira took another huge boost, firming roughly 17% against the dollar at its peak where USDTRY made lows of 10.25, an astonishing 44% from the week’s high print. The pair bounced back to around 11.25 but remains roughly 7% weaker for Thursday.
  • Japanese National Core CPI overnight before an empty Christmas Eve docket with US markets closed for holiday.
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