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

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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 At Fresh YTD Lows, AUD/JPY down 1.6%

AUD

AUD/USD has fallen to fresh YTD lows, dipping sub 0.6820, before stabilising somewhat. AUD/JPY is off by around 1.6%, through the 50 day MA, last tracking close to 92.20.

  • Risk off drivers mentioned earlier have continued, with the equity drop on-going, while lower commodity prices have also joined the fray.
  • Copper is extending lower, although volumes look light. Iron ore is still relatively steady, just under $115/tonne for the active Singapore futures. Gold (near $1800) and oil (Brent sub $109/bbl) are also weighing at the margin.
  • From a technical standpoint, the next level to watch will be 0.6805, the June 22 2020 low. Below that is the June 15th low of 0.6777.
  • 1 month implied vols are moving higher for AUD/USD, back above 13% but remain below previous YTD highs of around 15%.
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