Although we try to give Mr. Chandler a break on the weekends (yes, he comments on week ahead and week just passed) I think we should visit tomorrow.
From Marc Chandler at Bannockburn Global Forex:
Thanks for your patience. See you tomorrow.
Japan: USD reached nearly JPY159.15, highest since late April. US Treasury added Japan to fx watchlist after recent intervention. USD up past six consecutive sessions coming into today. Japanese rhetoric about fx escalates. National CPI headline and core ticked up primarily utilities (electricity and gas). Excluding food and energy, CPI slowed to 2.1% from 2.4%. This was largely in line with the Tokyo CPI released a few weeks ago. The flash PMI softened with the composite at 50.0 vs. 52.6.
China: The PBOC fixed the dollar at CNY7.1196, a new high for the year. Banks were selling dollars. The offshore yuan reached CNH7.2925, a new high for the year. Loan prime rates were left unchanged....
....MUCH MORE
The Chinese really do seem to be doing a slow-motion devaluation.
