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 Ticks Slightly Lower Following NBH Meeting

HUNGARY
  • After raising its benchmark rate by 30bps to 0.9% on Wednesday (as expected), Governor Matolcsy confirmed at a press conference that NBH was starting a tightening cycle to anchor inflation expectations. The NBH will consider raising rates at monthly meetings depending on new data; policymakers are very likely to raise rates until CPI stabilizes.
  • NBH sees CPI inflation at 4.1% in 2021 (slightly above upper tolerance band at 4%) and 3.1% in 2022. May CPI print remained elevated at 5.1% YoY, significantly higher than NBH 4% upper tolerance band
  • USDHUF has been testing its 50D SMA in the past two days following strong consolidation on Tuesday; a break below that level would open the door for a move down to 290. On the topside, resistance to watch above 300 stands at 303.50.
  • EURHUF has been retracing lower, currently trading slightly below its 350 support; next level to watch on the downside stands at 345. On the topside, first resistance to watch stands at 355, followed by 358 (100D SMA).
  • Hungary 10Y yield has been retracing lower in the past two days, currently trading slightly above its 2.80% support; first support to watch on the downside stands at 2.71% (100D SMA), followed by 2.60%. On the topside, key ST resistance stands at 3%.
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