MNI China Daily Summary: Monday, June 24

MNI BRIEF: China Urges Removal Of Car Buying Restrictions

MNI: PBOC Net Injects CNY46 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1201 Mon; -1.20% Y/Y

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1201 MON VS 7.1196

MNI: UK JUN CBI INDUSTRIAL TRENDS TOTAL ORDERS -18

CBI Price Expectations Return to Similar Levels to Mar'24 High

IFO Suggests Stall in Recovery

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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Y147.00 Gives Way in USD/JPY

JPY
  • Y147.00 handle gives way in USD/JPY, with the pair pressing to new 2023 highs and, again, levels last seen when the Japanese authorities last intervened in the currency.
  • Above here, initial topside level remains 147.49, a Fibonacci projection, with speculation likely to persist over potential BOJ intervention. Last week, we noted that JPM stated the threshold for currency intervention is likely to be around Y150, they noted that fundamental conditions in Japan had been improving since the last time the MoF intervened to lift the yen in September and October last year.
  • Key drivers here remain rate differentials, with the pair mirroring the uptick in the 10y yield off the overnight low of 4.1726%.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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