MNI China Daily Summary: Tuesday, Aug 20

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MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

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

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Yen Pressured After BOJ Holds Policy Steady

FOREX

The Yen has been pressured as the BOJ held policy unchanged as expected with the short-term rate at -0.1% and a target for the 10-year JGB yield at about 0%. USD/JPY last prints at ¥143.45/50, ~0.5% higher today. We sit a touch below the immediate post decision high of ¥143.73.

  • Resistance at ¥143.16, high from Dec 18, has been breached and the next target for bulls is ¥143.78, 50.0% retracement of Dec 11-14 sell off. A break through here opens ¥146.59, High from Dec 11 and key short term resistance.
  • Kiwi is firmer, NZD/USD is up ~0.3% as yesterday's NY session losses are trimmed. A reminder that early in today's session the November Trade Balance narrowed a touch from October printing at $1.234bn. ANZ Business Confidence ticked higher in December to 33.2 from 30.8, the Activity Outlook rose to 29.3 from 26.3.
  • AUD/USD is up ~0.2%, the pair is consolidating above the $0.67 handle today. Support was seen for the AUD after the RBA minutes were a touch hawkish.
  • Elsewhere in G-10 there have not been any moves of note.
  • Cross asset flows are muted; US Tsys and US Equity futures are little changed today, as is WTI.
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