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: US APR PHILADELPHIA FED MFG INDEX 15.5

MNI: US JOBLESS CLAIMS +0K TO 212K IN APR 13 WK

MNI UK Inflation and Labour Market Insight: April 2024 Release

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 Holds Above 0.6900, Mixed Performances On Crosses

AUD

AUD/USD holds above 0.6900 for now. AUD/EUR has edged up post the German inflation data, last 0.6570. Dips below 0.6550 have been supported in this pair over recent sessions

  • The A$ hasn't taken much inspiration from the better retail sales print. Local yields track lower, although this is in line with offshore trends, a point reinforced by easing German NRW state inflation data.
  • The AU-US 2yr spread has drifted lower but is away from recent lows, last at -32bps.
  • Commodities aren't helpful at the margin. Iron ore is back to a $122/tonne handle, while copper has dipped just over 1% today. The metal remains above recent lows though.
  • AUD/NZD is lower, back sub 1.1045, versus recent highs close to 1.1080. This is line with lower relative government bond yields (off 5bps in the 2yr spread), but swap spreads have been steady on the day.
  • Tomorrow's data calendar contains largely second tier releases. Job vacancies for May are out, along with private sector credit and house prices for June print.
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