MNI China Daily Summary: Friday, June 7

MNI BRIEF: China May Forex Reserves Rise On Weakened Dollar

MNI BRIEF: BOJ Consumption Activity Index Rebounds In April

MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

MNI: PBOC Net Drains CNY98 Bln Via OMO Fri; Rates Unchanged

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

Q1 GDP Deflator At 3.6%; 0.5pp Below Eurosystem Projections

Compensation Per Employee Accelerates Above ECB Forecasts In Q1

MNI: EUROZONE Q1 GDP +0.3% Q/Q, +0.4% Y/Y

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

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

USD/JPY Support Eyed On Move Back Below Y110.00

JPY

The bid in the U.S. Tsy space/Wednesday's broader downtick in the USD allowed USD/JPY to move back below Y110.00, with spot last dealing ~10 pips softer on the day at Y109.85 into European hours, with longer dated U.S. Tsys continue to firm in Tokyo trade.

  • The July 8 low/bear trigger (Y109.53) provides the next point of technical support, with any break there opening the June 7 low/key near-term support (Y109.19). Bulls need to force a break above the highs from July 14/7 (110.70/82) to reinstate their authority.
  • The second day of Fed Chair Powell's semi-annual testimony on the Hill will likely dominate matters on Thursday.
  • There is over $1.0bn of option expiries layered in between Y111.00 & Y111.15 at today's 10AM NY cut, although we would likely require a shift in U.S. Tsy dynamics for those expiries to become more relevant for price action.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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.