MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDJPY Falls For Third Consecutive Session, GBP Reverts Lower

FOREX
  • Fed Chair Powell's stance doesn't seem to have changed significantly in recent weeks despite a surge in market rate hike pricing. While his comments initially lent support to the greenback, this price action quickly reversed and USDJPY made fresh weekly lows.
  • USDJPY has now fallen for three days, edging back towards 113.50, consolidating on the sharp rally from 109 in late September. Dips are still considered technically corrective with initial firm support seen at 112.08, Sep 30 high and a recent breakout level.
  • GBP was the worst G10 performer on Friday and the weakness was exacerbated as headlines dropped suggesting the EU could weigh terminating the post-Brexit trade deal if the U.K. government pulls out of its commitments over Northern Ireland.
  • An already weak GBPUSD, shot to fresh lows of 1.3836 before stabilising into the close. Interestingly, for the sixth day in a row, EURGBP has made lows between 0.8422-24 before finding support. While the price action has remained broadly GBP supportive, today's rally marks the most meaningful bounce in the cross, rising back above the August lows to a high of 0.8468.
  • In emerging markets, USDTRY continued its ascent, rising close to 1% and breaching 9.60 and printing fresh all-time highs of 9.6625. RUB bucked the trend following the surprise 75bp hike from the CBR prompting an extension of USDRUB weakness. After briefly breaching the 70.00 mark, the pair approaches the close down close to 1% at 70.35.
  • A busy central bank schedule for next week, with monetary policy decisions from the Bank of Canada, the Band of Japan and the European central Bank.
  • German IFO on Monday and AUD CPI Tuesday are early data points of note.
Energy BulletsCommodities
Energy BulletsCommodities

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.