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$ Dips On Mixed CPI report

AUD

AUD/USD is off its earlier highs following the mixed Q2 CPI report. The pair has lost a little over 25pips to be back around 0.6925. Recent outperformance against key crosses has also been unwound to a degree. AUD/JPY is back sub 95.00, while AUD/NZD is back close to 1.1100, from 1.1140 earlier.

  • The headline CPI miss (1.8% QoQ, versus 1.9% expected) and 6.1% YoY (6.3% expected), coupled with a slight downside miss on the weighted median likely rules out anything more than a 50bps hike from the RBA next week.
  • There was a slight upward revision to the trimmed mean though, which is now running at 4.9% yoy, versus 4.7% expected.
  • AU yields are lower, off by 9bps for the 2yr. The AU-US 2yr spread is back beyond -41bps, versus recent highs around -30bps.
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