Asset Managers have built the largest Japanese Yen short position in history
Source: Bloomberg, Barchart
China’s housing market slump is deepening, which is putting pressure on industrial metals.
Here are new home prices (month-over-month). Could it be a positive for GOLD demand? Source: Ronnie Stoeferle, The Daily Shot
As the yen teeters toward 160, Japan says it's ready to intervene in the Yen's collapse 24 hours a day if necessary 👀
Note that previous interventions have been unsuccessful, to say the least... Source: Barchart
Interesting article by The Wall Street Journal ->
US dollar stable coin BOOST DEMAND for US government bonds and help the US keep up with China... Source: Radar, WSJ
#china #macro: Retail sales beat expectations
The strong growth in retail spending is particularly notable given the continued pressure on the property sector, with negative spillovers to household sentiment. It’s probably a relief to a government looking to reset the economy over time. Source: CNBC. Bloomberg, Mohamed El Erian
📢 📢 📢 The Bank of Japan kept its benchmark interest rate unchanged on Friday, but indicated it’s considering the reduction of its purchase of Japanese government bonds.
The central bank left short-term rates unchanged at between 0% to 0.1% at the end of its two-day policy meeting, as widely expected. But notably, the bank said in its statement it could reduce its purchases of Japanese government bonds after the next monetary policy meeting, scheduled for July 30 and 31. QE tapering in Japan has a lot more potency than in the U.S., sheerly because of how much of the bond market the BOJ owns. Following the BOJ decision, the Japanese yen weakened 0.5% to 157.8 against the U.S. dollar, while the yield on 10-year JGB fell 44 basis points to 0.924. So absolutely no panic... Source: Bloomberg, CNBC
Brussels will impose tariffs of up to almost 50 per cent on Chinese electric vehicles, brushing aside German government warnings that the move could spark a trade war with Beijing.
https://on.ft.com/3yZxBnW
japan just sold $17 billion worth of Foreign Debt, the largest sale in 9 years...
Source: Bloomberg, Barchart
