MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

EZ/UK T-Bill Calendar: 9/12/28/50-Week BTF Auction on Monday

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

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

USD Up From Lows, Dovish BoJ Rhetoric Curbs Yen Gains

FOREX
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

The USD BBDXY index sits lower for the first part of Thursday's session, lats near 1250.10, but we are comfortably up from earlier lows (1248.99).

  • USD/JPY got to lows of 155.37, but we sit back at 155.80 in recent dealings. The trough for the pair coincided with a speech from dovish BoJ board member Nakamura, who stated that the current easy policy settings are appropriate.
  • Governor Ueda is before parliament at the moment and stated inflation expectations are rising but not yet at 2%. JGB yields are lower across the board, aided by a strong local debt auction, which is likely curbing yen appetite as well.
  • AUD/USD is around 0.6660 currently, up 0.20%, but off earlier highs of 0.6683. Locally data showed better housing finance and trade surplus figures, although export growth is slowing.
  • NZD/USD is back under 0.6200, drawing some selling interest on a move above this level, which is a fresh multi month high.
  • In the cross asset space, US yields are 1-2bps higher, aiding the USD at the margins. The regional equity backdrop is positive, although gains are mostly sub those seen in Wednesday moves in EU/US markets.
  • Looking ahead, US jobless claims, May Challenger job cuts, April trade and final Q1 productivity/ULC as well as April German orders and euro area retail sales print. The ECB decision is announced and a 25bp cut is expected.
229 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 USD BBDXY index sits lower for the first part of Thursday's session, lats near 1250.10, but we are comfortably up from earlier lows (1248.99).

  • USD/JPY got to lows of 155.37, but we sit back at 155.80 in recent dealings. The trough for the pair coincided with a speech from dovish BoJ board member Nakamura, who stated that the current easy policy settings are appropriate.
  • Governor Ueda is before parliament at the moment and stated inflation expectations are rising but not yet at 2%. JGB yields are lower across the board, aided by a strong local debt auction, which is likely curbing yen appetite as well.
  • AUD/USD is around 0.6660 currently, up 0.20%, but off earlier highs of 0.6683. Locally data showed better housing finance and trade surplus figures, although export growth is slowing.
  • NZD/USD is back under 0.6200, drawing some selling interest on a move above this level, which is a fresh multi month high.
  • In the cross asset space, US yields are 1-2bps higher, aiding the USD at the margins. The regional equity backdrop is positive, although gains are mostly sub those seen in Wednesday moves in EU/US markets.
  • Looking ahead, US jobless claims, May Challenger job cuts, April trade and final Q1 productivity/ULC as well as April German orders and euro area retail sales print. The ECB decision is announced and a 25bp cut is expected.