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China Repo Rates Fall on Wednesday


1- To 10-Year Rinban Conducted


China Commodity Prices May Fall in H2: Yicai


Market Digest Hawkish BoK Minutes

DOLLAR-YEN: USD/JPY headed higher Monday as broader risk appetite improved on
the back of optimistic reports surrounding global efforts to produce a vaccine
for the novel coronavirus. Moderna reported positive results from an initial
small-sample study on human volunteers, while Chinese Pres Xi promised that any
Covid-19 vaccine developed in China will be made a global public good.
- The rate is little changed at Y107.33. A clearance of the 50-DMA/May 11 high
at Y107.76/77 would clear the way to Apr 16 & 17 highs of Y108.08. On the flip
side, bears look for a retreat through May 13 low of Y106.74, towards May 11 low
of Y106.40.
- BBG has just ran a headline from the Nikkei noting that Japan "considers
saying economy entered recession". Monday's preliminary GDP data for Q1
indicated that Japan has entered its first recession since 2015.
- Coming up in Japan this week we have final industrial output (today), core
machine orders (Wednesday), trade balance & Jibun Bank M'fing PMI (Thursday), as
well as CPI (Friday).
MNI London Bureau | +44 203-865-3806 |