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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A$ Back To Flat

AUD

AUD/USD is back to flat on the day. From an earlier low of just above 0.6850, we are now back to 0.6880.

  • The better than expected China non-manufacturing PMI, which was a large beat relative to expectations (54.7 versus 50.5 expected) has helped. The manufacturing PMI came in weaker than expected, but is still back in expansion territory (50.2 versus 50.5 expected).
  • Iron ore is up slightly from earlier lows, to +122/tonne, while copper has also opened modestly higher. Local AU bond yields are away from worst levels as well.
  • Better Australian credit data and a surge in job vacancies, has also helped at the margin.
  • AUD/NZD demand has also been evident, as the cross pushed back to 1.1070 from earlier levels at 1.1045. Relative data momentum remains in favour of higher levels in the cross.
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