-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUSD/JPY Prints Fresh Highs, Downside Limited Despite Further FX Rhetoric
The USD index sits higher, last around 1245. We aren't above 1247, which has marked recent highs, but broader USD trends remain positive. US yields are close to unchanged, while US equity futures are higher, although this hasn't lent support to higher beta FX in the G10 space.
- USD/JPY sits back under 151.70. We got to 151.97 earlier, fresh highs in the pair back to 1990. Earlier comments from BoJ Governor Ueda and board member Tamura didn't show any hawkish push back to the recent BoJ outcome. This weighed on yen at the margins. Comments from FinMin Suzuki in terms of fresh rhetoric around FX weakness, including stating that the authorities were prepared to take bold action, helped curb yen weakness.
- Still, the USD/JPY pull back has been shallow and 1 week risk reversals are not too far off recent highs, suggesting the market is not too concerned around a very sharp USD/JPY pull back.
- Elsewhere, AUD/USD was last near 0.6520/25, up slightly from session lows (0.6511). We weighed earlier by the Feb monthly CPI miss (3.4% y/y, versus 3.5% forecast), although the detail showed firmer services inflation. Another headwind has come from weaker HK/China stocks, due in part to earnings concerns. Iron ore prices are also lower, back sub $103/ton.
- Note as well USD/CNY spot has risen back close to highs from last Friday, near 7.2300. This is another constraint, particularly on the likes of AUD.
- NZD/USD is back to 0.5995, but like AUD is up from earlier lows (0.5988). Today focus has been on the NZ Budget Policy statement. The government plans to push ahead with tax cuts, even as the return to surplus gets pushed out. The NZ Treasury sees scope for RBNZ cuts in H2 this year.
- Later the Fed’s Waller and ECB’s Cipollone and Elderson speak. The March European Commission survey prints.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.