MNI: PBOC Conducts CNY10 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0963 Tues; -3.04% Y/Y

CHINA PBOC INJECTS CNY10 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.0963 TUES VS 7.0969

MNI China Daily Summary: Monday, March 11

MNI: PBOC Conducts CNY10 Bln Via OMO Mon; Liquidity Unchanged

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MNI: JAPAN FEB CORP GOODS PRICE INDEX +0.6% Y/Y; JAN +0.2%

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Yen Lags G10 Peers

JPY

USD/JPY crept higher Tuesday amid twist flattening in U.S. Tsy yield curve, with safer currencies (JPY, CHF) struggling to find poise.

  • The gap between yields on 10-year U.S. Tsys and JGBs widened ~3bp, while 2-year spread rose ~8bp.
  • A generally positive showing from equity markets post-Asia reduced demand for safe havens. The VIX index ground lower.
  • USD/JPY risk reversals advanced, with one-year skews printing best levels since mid-May as they consolidated above par.
  • Spot USD/JPY last sits at Y134.29, up 7 pips on the day. Should we get above Aug 8 high of Y135.58, bulls could take aim at Y135.96, the 61.8% retracement of the Jul 14 - Aug 2 sell-off. Bears look for a dip under Aug 11 low of Y131.74.
  • Japan's trade deficit is expected to have shrunk to Y1.3625tn in Jul from Y1.3985tn prior, according to a Bloomberg survey of analysts. Core machine orders will also cross the wires today.
  • Looking further afield, Japan's national CPI figures will be published this Friday.
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