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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AUD/USD Consolidates Above 0.7000, Q1 Wage Data On Tap

AUD

Post the Asian close AUD/USD consolidated gains above 0.7000, but ran into some resistance around the 0.7040 level. We open this morning around 0.7030.

  • Overnight, the focus was elsewhere in the G10 FX space, with the A$ lagging gains seen by EUR and GBP. These currencies benefited from firmer data/more hawkish CB speak.
  • Risk appetite was supportive for the AUD though, with US and EU equities rising across the board. Tech performed strongly, with China listed shares in the US up 5.2%. Hopes of a lower regulatory burden and better earnings the main driver for the China HXC Index.
  • Yields were higher across the board. Moves have been more favorable for the USD, but aren't presenting a headwind to the A$ yet.
  • Commodities were mixed, with iron ore moving away from the $130/tonne level, while oil eased as well. Copper was firmer though.
  • The focus today is on the Q1 wages data, expected to rise 0.80% QoQ (0.7% previously) and 2.5% YoY (2.3% previously).
  • On the technical side, 0.7054, the May 11 high is seen as firm resistance. Beyond that is 0.7135, the low from May 6.
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