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 Finds Selling Interest Above 0.7000

AUD

AUD/USD's earlier move above 0.7000 has found selling interest again. The pair was last tracking sub 0.6985. The AU-US 2yr spread is back at -45bps, similar levels to yesterday post the AU CPI print. We are up from earlier lows of -50bps though.

  • Lower US equity futures are weighing at the margin, with AUD/JPY down through 95.25, versus highs above 95.50 from earlier.
  • AUD/NZD has backed away from 1.1180, but is still finding support on dips. The cross is higher than yield differentials suggest but we do have AU retail sales data coming up in a little under 1 hour. To recap, the market expects a +0.5% rise, versus +0.9% in May. Before that the NZ ANZ activity and business confidence readings for July could also impact the AUD/NZD cross.
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