MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

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

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

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

Weaker US Data Prompts Broad Greenback Weakness

FOREX
  • Weaker-than-expected US JOLTS and confidence data prompted some sharp greenback weakness on Tuesday, quickly erasing the early gains for the US dollar and prompting eventual 0.5% losses for the USD index on the session.
  • Lower core yields have bolstered the Japanese Yen, with USDJPY extending a powerful reversal from earlier cycle highs of 147.37 to 145.77 lows just ahead of the APAC crossover. The pair is now down 0.50% on the session and the first support to watch lies at 144.77, the 20-day EMA.
  • EURUSD is moving in lockstep with the broader USD index, also rising a half a percent and approaching last Thursday’s highs around 1.0875 and initial firm resistance at 1.0900, the 20-day EMA.
  • Outperforming on the session are the antipodeans with both AUD (+0.67%) and NZD (+0.81%) benefitting from buoyant global equity benchmarks. JPMorgan noted that “this looks to be very much the benign sort of labor market cooling that Fed is targeting”, potentially underpinning the more optimistic price action for stocks on Tuesday.
  • Despite Hungary's central bank cutting the overnight deposit rate again by 100bps, the Forint is the best performer on Tuesday, rising 1.2% against the dollar, amid the broader optimism for risk sentiment.
  • Australia CPI will highlight the overnight data docket on Wednesday, before Eurozone inflation readings come thick and fast. The greenback and broader currency markets will remain focused on the key data releases due later this week - NFP, Core PCE and ISM.
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.