MNI China Daily Summary: Tuesday, December 10

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MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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USD/JPY Uptick Sold, NZD/JPY Not Far From 200-day MA Support Point

JPY

The early USD/JPY rebound has been sold into by the market. After getting close to 156.00 in the lead up to the Tokyo fix we abruptly fell to fresh lows of 155.26. This is lows in the pair back to early June. It also puts us sub the simple 100-day MA for the first time since March. Note the June 4 low in the pair came in at 154.55.

  • We have stabilized somewhat since then, last near 155.40. There didn't appear any fresh macro catalyst for the move. JGB futures have been relatively steady, drifting up from recent lows. US yields are also little changed.
  • Other parts of the G10 stayed soft against the USD, so yen gains may have reflected further liquidation of long cross positions against JPY.
  • NZD/JPY continues to gravitate lower, last near 92.30, which isn't too far the simple 200-day MA. AUD/JPY is off as well, last near 102.65, just under the simple 100-day MA.
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