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11 Sep 2023

11 Sep 2023

FX is a relative game

• Words & actions. ‘Hawkish’ comments by the by BoJ Governor supported bond yields & the JPY. Authorities in China push back against CNY weakness.• AUD turn? Positive risk sentiment, better China credit data, & a softer USD stemming from a firmer JPY & CNY have given the AUD a boost.• Data flow. AU sentiment data released today with US CPI (Weds), AU jobs report, US retail sales, ECB meeting (all Thurs), & China data (Fri) due later this week. In what is likely to be a busy week given the string of upcoming macro focal points, markets were a...

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11 Sep 2023

Dollar stalls on Asian currency rebound

Central bank jawboning helped the Chinese yuan and Japanese yen stop the dollar’s advance this weekend, with the trade-weighted exchange rate roughly -0.3 percent below Friday’s close. North American equity futures are setting up for a modestly-positive open, Treasury yields are inching higher, oil prices are slipping, and most other major currencies are firmly rangebound against the dollar. The renminbi jumped more than 1 percent in Asian trading hours after the People’s Bank of China warned that it could intervene directly in markets to squeeze short-sellers and stabilize exchange rates. “We will not hesitate on taking actions when necessary to...

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