MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

USD/JPY Extends Bounce Off Post-Intervention Support

FOREX
  • USD/JPY continues to grind higher, with the pair touching a new post-intervention recovery high in the European morning, extending the bounce off the 50-dma support that crosses today at 152.17. The moves put the JPY spot trade-weighted Index at around 3% off the pre-intervention lows, but tolerance of the authorities should get tested well ahead of reaching that mark.
  • With Japan having already spent already spent ~$60bln in reserves in this year's intervention phase, markets speculate on what other steps the BoJ could take to shore up the currency - with further rate hikes likely to remain part of the conversation across this week's real cash earnings data and National CPI on the 24th May.
  • The USD Index is firmer, with the greenback outperforming most others. The Riksbank decision saw Sweden join Switzerland in being one of the first European countries to kick off their easing cycle. EUR/SEK was higher in response, but outsized price action was broadly contained. Material currency weakness was avoided as the bank stressed that a follow-up rate cut in June was unlikely, leaving the rate path guidance in March intact.
  • Data remains few and far between Wednesday, with just March final wholesale trade sales and inventories data due. The speaker schedule is busier, as ECB's Wunsch & de Cos and Fed's Jefferson, Cook and Collins make appearances.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign 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.