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Markets April EMU PMI surveys showed business activity broadly unchanged. The composite gauge dipped from 50.9 to 50.2 (vs 50.1 expecting), narrowly holding above the boom/bust level (50) for the fourth consecutive month. There were contrasting trends between marginally decreasing business activity in services (49.7 from 51) and the manufacturing sector holding up better than […]

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07/05/2024

Japanese Yen to Stay in Recovery Mode, While Yields Turning from Resistance

We warned our members about limited weakness and recovery on Japanese yen right before intervention. As you can see, yen is already recovering because US 10Yr Yields are already turning down from resistance, while Japan 10Yr Yields are barely trying to follow due to holidays in Japan recently. If Yields will keep weakening then Japanese […]
18/03/2024

Yen Surprisingly Weakens into BoJ Decision

A week packed with central bank decisions starts on a mixed note after hotter-than-expected US inflation sent the US 2-year yield around 25bp higher over the week and the 10-year yield spiked past the 4.30% mark. Stocks resisted to higher yields for the major part of the week, but the mood was not brilliant on […]
18/10/2024

China Stimulus and Headwinds

China has announced a range of stimulus measures recently. This pivot has been needed partly because of longstanding fragilities. It is hard to see a lasting upside for Australian iron ore exports from the moves. In recent weeks, Chinese authorities have announced a range of stimulus measures, along with some vaguer statements of intent to […]