MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

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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A$ Falters Amid Broad USD Rebound

AUD

The A$ is the third worst performer in the G10 space over the past 24 hours (-0.75%). We last track around 0.6690, recovering from lows in the NY session of 0.6634. Broader USD sentiment was stronger, amid hawkish Fed rhetoric and higher terminal rates pricing.

  • US equities finished lower, but like the AUD, recovered as the US session progressed. Losses are in the 0.30-0.35% range. The US VIX finished down slightly, sub 24%. EU equities were lower as well, but only off modestly.
  • AU-US yield spreads remain comfortably off earlier weekly highs, despite better Australian data in recent sessions, as Fed speak dominated.
  • Commodities weakened, base metals off a further -2.80% for Thursday's session, while the aggregate index fell by 0.64%. Iron ore remains close to recent highs, near $98/tonne (December contract).
  • The local data calendar is quiet today. From a technical standpoint, the 100-day EMA comes in at 0.6673, while the NY session low was 0.6634, and then 0.6578 was the low from November 11. On the topside, yesterday's high was around 0.6750, while moves near 0.6800 drew selling interest earlier in the week.
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