MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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10Y Yield Breaks Below 50DMA

CZECHIA
  • On Tuesday, economic data showed that PPI inflation rose slightly lower than expected by 5.9% YoY in June (vs. 6.1% exp.), up from 5.1% the previous month.
  • As opposed to Poland, which is trying to keep interest rates low in order to stimulate the economic recovery, the CNB has started a tightening cycle last month and is expected to raise its benchmark rate by another 25bps to 0.75% at its next meeting on August 5.
  • CPI inflation has been decelerating slightly in the recent two months and is currently standing below the 3% CNB upper tolerance band.
  • USDCZK ticks lower this morning after finding a local high at 21.86 yesterday; support to watch on the downside stands at 21.68 (200DMA), followed by 21.49 (100DMA). On the topside, first resistance stands at 21.92, followed by 22.
  • Czech 10Y yield has been retracing lower in recent days, breaking below its 50DMA at 1.70% this morning; next support to watch on the downside stands at 1.60%. On the topside, ST resistance to watch stands at 1.78%, followed by 1.80%.
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