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$ Weighed By Softer Commodities

AUD

AUD/USD isn't too far away from the session lows but is holding above 0.6950 for now. We are only 0.15-0.20% below NY closing levels, but the A$ has underperformed the rest of the G10 FX complex today, which is much closer to flat against the USD.

  • AUD/JPY has edged back down to 93.90, not too far from the 50 day MA (93.87). AUD/NZD is already sub its 50 day MA, at 1.1063, with the pair last tracking 1.1057.
  • The softer tone to regional equities hasn't helped, while commodity prices have drifted lower as well. Brent is back closer to $96/bbl, while iron ore is back to the low $109/tonne. Copper (CMX) has slipped 0.60%.
  • The AU-US 2yr spread has risen, back to -48bps, versus early levels around -52bps, but hasn't had a big influence on A$ sentiment today.
  • Note tomorrow's calendar has August consumer inflation expectations.
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