MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI UK Inflation and Labour Market Insight: April 2024 Release

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

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$ Retreats Sharply On China Data Miss

AUD

AUD/USD has reversed sharply, dropping nearly 1% from intra-day highs (0.6960) to sit sub 0.6900. It is the weakest performer in the G10 FX space. Weaker China data is the main driver of softer sentiment.

  • The A$ started to move off its highs after the CNY fix printed slightly weaker relative to expectations. A lack of movement from the PBoC's in 1-year MLF operations (net liquidity and interest rates unchanged) also left the markets a little disappointed.
  • The sharp downside surprise in terms of the China April data kicked off more aggressive selling pressure though. The IP contraction and slowing infrastructure investment weighed.
  • The flow on effects to equity futures and commodity prices, with oil and iron ore off recent highs, has been an additional headwind.
  • AUD/JPY is down over 1 big figure but has seen stability sub 89.00.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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