MNI China Daily Summary: Thursday, July 11

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CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

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

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Yen Ticks Higher, Retail Sales On Tap

JPY

USD/JPY prints at ¥141.80/85, the pair was ~0.4% lower yesterday.

  • Yen ticked higher on Wednesday as lower US Tsy Yields provided a layer of support. USD/JPY remains well within recent ranges as the Yen consolidates December gains.
  • Technically The recent recovery from ¥140.97, the Dec 14 low, appears to be a correction and trend conditions remain bearish. On Dec 14, the pair breached support at ¥141.71, the Dec 7 low, confirming a resumption of the downtrend that started on Nov 13. This opens ¥140.71, a Fibonacci retracement point. Key short-term resistance has been defined at ¥146.59, the Dec 11 high.
  • The local docket is busy this morning with November Retail Sales (exp 5.0% Y/Y) and flash November Industrial Production (exp -2.1% Y/Y) as well as weekly international security flow data due.
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