MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/JPY Approaching 138.00, 1 Week Risk Reversal Reversing Recent Sharp Dip

JPY

USD/JPY continues to track higher, last at 137.85/90, +0.50% higher for the session and the weakest performer within the G10 space. Note yen was a relative outperformer through Tuesday's session, so this may reflect some partial reversal of this trend. For USD/JPY mid Dec highs (138.17) are not too far away.

  • Yield differentials at the back end are wider today, but only modestly and we remain below recent peaks for the 10yr US-JP swap spread (last +288bps).
  • 1 week implied vol continues to track higher. We were last near 18%, fresh highs back to mid Jan. This comes ahead of the BoJ on Friday, along with the US non-farm payrolls report.
  • 1 week risk reversals are also correcting from the sharp recent dip. We last were near -3.10/15, against earlier lows in the week of -3.71.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

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.