MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% 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

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USDJPY Extends Losses To -0.90% Amid Lower Yields

JPY
  • Fresh session highs for treasury futures are underpinning the relentless bid for the Japanese Yen on Wednesday. USDJPY slid back below the 145 mark on the disappointing US PMI data and had been consolidating near session lows before the most recent push to 144.54 as we approach the APAC crossover. Initial firm support lies at 144.17, the 20-day EMA.
  • Overall, the uptrend in USDJPY remains intact despite today’s weakness and the pair continues to trade closer to its recent highs. Last week’s move higher resulted in a break of the Jun 30 high, confirming a resumption of the uptrend. MA studies are in a bull mode condition, highlighting an uptrend. The focus on the topside remains 147.49, a Fibonacci projection.
  • US durable goods and jobless claims are Thursday’s data highlights, however, obvious focus will be on the Jackson Hole Symposium. Chair Powell’s task in his Jackson Hole keynote speech is to reaffirm the recent turn to a meeting-by-meeting, data-dependent approach to policy while emphasizing that the Fed intends to keep rates in restrictive territory for a lengthy period of time.
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