MNI BRIEF: Fed Risks Soft Landing If It Doesn’t Cut - Goolsbee

MNI BRIEF: EU Parliament Backs Von Der Leyen For 2nd Term

MNI: ECB LEAVES KEY DEPOSIT RATE UNCHANGED AT 3.75%

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

US EIA:NAT GAS STORAGE +10 BCF TO 3,209 BCF JUL 12 WK

EZ/UK Bond Supply Calendar: Belgium Auction, BoE APF on Monday

MNI UK Labour Market Review: July 2024 Release

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

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

USD/JPY Prints Above 160.00, But Sees 400pip Retracement, A$ & NZD Outperform

FOREX
BulletMarketsForeign Exchange BulletsHomepage

The BBDXY sits 0.30% lower, the USD index last near 1259.3. The USD has seen broad based weakness against the majors so far today, while sharp yen swings have been the other standout.

  • USD/JPY rallied above 160.00 in early trade (fresh highs back to 1990 of 160.17). From there we consolidated in the 159.00/50 region before pulling back sharply this afternoon. Lows were seen near the 156.00 level, so more than 400pips off earlier highs.
  • The afternoon moves will likely raise questions around whether intervention has taken place or not. We haven't seen confirmation or hints that this has taken place. Note post BoJ lows in USD/JPY came in around 155.00. With Japan markets out, liquidity has no doubt been lighter.
  • Broader USD sentiment is also softer, as the equity mood has generally been a positive one. The regional markets are firmer, with Hong Kong and China performing strongly, led by property and tech names.
  • AUD is the best performer, last near 0.6580, up 0.75% for the session. NZD/USD is trailing slightly in percentage terms, last around 0.5980.
  • EUR/USD is up around 0.3%, last near 1.0730.
  • Looking ahead, German and Spanish CPI data kick off this week’s economic data calendar for the EU. In the US we have the April Dallas Fed manufacturing.
213 words

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.

The BBDXY sits 0.30% lower, the USD index last near 1259.3. The USD has seen broad based weakness against the majors so far today, while sharp yen swings have been the other standout.

  • USD/JPY rallied above 160.00 in early trade (fresh highs back to 1990 of 160.17). From there we consolidated in the 159.00/50 region before pulling back sharply this afternoon. Lows were seen near the 156.00 level, so more than 400pips off earlier highs.
  • The afternoon moves will likely raise questions around whether intervention has taken place or not. We haven't seen confirmation or hints that this has taken place. Note post BoJ lows in USD/JPY came in around 155.00. With Japan markets out, liquidity has no doubt been lighter.
  • Broader USD sentiment is also softer, as the equity mood has generally been a positive one. The regional markets are firmer, with Hong Kong and China performing strongly, led by property and tech names.
  • AUD is the best performer, last near 0.6580, up 0.75% for the session. NZD/USD is trailing slightly in percentage terms, last around 0.5980.
  • EUR/USD is up around 0.3%, last near 1.0730.
  • Looking ahead, German and Spanish CPI data kick off this week’s economic data calendar for the EU. In the US we have the April Dallas Fed manufacturing.