The yen appreciated vis-√†-vis the U.S. dollar today as the
greenback tested bids around the ¬•89.35 level and was capped around
the ¬•89.75 level. Bank of Japan selected
66 financial institutions for its new lending program designed to stimulate
bank lending in certain sectors of the Japanese economy.The U.S. dollar was lower across the board
and this pressured the pair lower.Data
released in Japan overnight reconfirmed that deflation remains a significant
problem in the economy.It was reported that
Tokyo-area June headline inflation was off 0.9% u/u while the ex-food and
energy component came in at -1.4%.May
nationwide headline consumer price inflation moderated to -0.9% from -1.2% in
April and the ex-food and energy component printed at -1.6%.The government will likely continue to
pressure the central bank to expand monetary policy.The Nikkei 225 stock index lost 1.92% to
close at ¬•9,737.48.U.S. dollar bids are
cited around the ¬•98.45 level.The euro
moved lower vis-√†-vis the yen as the single currency tested bids around the
¬•109.75 level and was capped around the ¬•110.80 level.The
British pound moved lower vis-√†-vis the yen as sterling tested bids around
the ¬•133.10 level while the Swiss franc moved
lower vis-√†-vis the yen and tested bids around the ¬•81.10 level. In Chinese news, the U.S. dollar depreciated
vis-√†-vis the Chinese yuan as the greenback closed at CNY 6.7921 in the
over-the-counter market, down from CNY 6.8001. Data released in China overnight saw the June
MNI business conditions survey fall to 63.51 while the expectations survey
moderated to 59.80.Also, May industrial
profits growth moderated to 81.6% y/y.People‚Äôs
Bank of China advisor Li Daokui said a major appreciation of the yuan is ‚Äúimpossible‚ÄĚ
and said the euro will move higher in the long-term.PBoC official Xie Due echoed Li‚Äôs comments on
the yuan.China will likely not be
pressured on the yuan at this weekend‚Äôs Group of Twenty meeting in Toronto.
British pound appreciated vis-√†-vis the U.S. dollar today as cable tested offers
around the US$ 1.4970 level and was supported around the US$ 1.4855 level. Bank
of England released a report that noted U.K. banks remain ‚Äúvulnerable‚ÄĚ to additional
write-downs.Bank of England‚Äôs June
Monetary Policy Committee meeting were released this week. They evidenced a
7-to-1 vote to keep the benchmark interest rate unchanged at 0.5%.MPC member Sentance favoured a 25bps tightening
to 0.75%, noting that inflation has proven to be ‚Äúresilient‚ÄĚ since the end of
the recession.In contrast to Sentance‚Äôs
position, ‚Äúother members thought that changes to the balance of risks were
insufficient to warrant a change in the stance.‚ÄĚCable bids are cited around the US$ 1.4620
level.The euro depreciated vis-√†-vis the British pound as the single
currency tested bids around the ¬£0.8220 level and was capped around the ¬£0.8270
franc appreciated vis-√†-vis the U.S. dollar today as the greenback tested bids
around the CHF 1.0975 level and was capped around the CHF 1.1045 level. Swiss
National Bank released its quarterly bulletin today and noted the risk of
deflation has largely disappeared.SNB
added, however, that if risks materialized ‚Äúvia an appreciation of the Swiss
franc, the SNB would take all the measures necessary to ensure price stability.‚ÄĚ
The Swiss government this week reduced its deficit projections for 2011-2013
and now sees a 2011 shortfall of CHF 600 million, considerably less than the
deficit of CHF 4.1 billion that was predicted in August 2009. Data released in Switzerland this week saw
the May trade balance decline sharply to CHF 820 million from the
upwardly-revised April total of CHF 2.06 billion.This decline reflects the impact of the
strong franc and the limited success Swiss National Bank has had in blunting
the impact of the stronger franc through euro-buying intervention.SNB member Jordan this week said deflation
risks have largely gone away and said there is currently no need for
intervention.Swiss National Bank this
week reported that its foreign currency investments rose to CHF 239 billion in
May from CHF 153.6 billion in April, indicative of the significant amount of
franc-selling intervention the central bank has been conducting to protect the
Swiss export sector.U.S. dollar offers
are cited around the CHF 1.1470 level.The euro depreciated vis-√†-vis the
Swiss franc as the single currency tested bids around the CHF 1.3505 level
while the British pound moved lower
vis-√†-vis the Swiss franc and tested bids around the CHF 1.6380 level.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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