MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

MNI BRIEF: Aussie Employment Grows Stronger Than Expected

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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

USDJPY Rises Above 117.00 To Five-Year High, CAD Outperforms

FOREX
  • Mixed headlines on Friday prompted two-way action for the greenback. Newswires suggesting that Putin acknowledged progress in diplomatic ties weighed on broad dollar indices in the early stages of NY trade with EURUSD briefly spiking to a session high of 1.1043.
  • However, markets appeared reluctant to read too much into the validity of these comments and currency moves were faded. Throughout the course of the US session, the early moves gradually and consistently unwound, with the US dollar gathering positive momentum as it traded through the best levels of the day. EURUSD eventually grinded back to the low 1.09s ahead of the close, erasing the entirety of Wednesday’s relief rally.
  • It was the significant weakness in the Japanese Yen that was most pertinent on Friday. Following the overnight break of the Jan/Feb highs at 116.35, USDJPY saw decent momentum buying and has extended the intraday advance to 1%, rising above the 117 handle to print fresh five-year highs at 117.31 on Friday.
  • The technical break has prompted some bullish trade recommendations with TD securities suggesting the pair can advance to 120 with 116.35/40 now acting as strong support going forward.
  • The divergent outperformer on Friday, in the face of general USD strength was the Canadian dollar. CAD optimism largely attributed to a stellar February employment report where the economy added 336k jobs versus the expected +127k net change.
  • USDCAD has fallen -0.4% to leave the pair around 1.2715, roughly in the middle of the post-invasion range, however, CADJPY has risen just shy of 1.5% to a four-month high and will eye the October highs around 93.00 as its next target.
  • Worth noting the daylight savings adjustment will occur over the weekend in the US. Focus inevitably turns to the March Fed meeting where the FOMC are expected to commence rate hike lift-off. Additionally, the Bank of England meeting is scheduled for Thursday. In terms of data, US retail sales and Canadian CPI headline the docket.
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.