MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

MNI: UK MAR RETAIL SALES +0% M/M, +0.8% Y/Y

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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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Antipodean Divergence

FOREX

After rising through the session on Tuesday the greenback has softened slightly in early Asia-Pac trade on Wednesday. Fed's Bullard spoke at the start of the session and said he saw the Fed going ahead with tapering starting in November.

  • AUD and NZD have diverged with the former gaining a handful of pips and the latter slipping. The Australian Council of Financial Regulators latest quarterly report said the financial system remains strong while New Zealand reported its highest coronavirus case count in almost a month.
  • In Japan the ruling party's leadership election steals the limelight today. The results of the first round of voting will be announced at 14:20 JST. If the runoff vote takes place, its results will be announced at 15:40 JST.
  • Offshore yuan is weaker, USD/CNH extending yesterday's gains. Markets continue to digest reports that authorities urges state backed firms to purchase Evergrande assets to support the firm, while markets await an update on an Evergrande coupon payment due today.
  • It is a quiet session terms of economic releases in Asia, the highlight is the BoJ Rinban Operations, while later in the day participants can look forward to UK lending data, Eurozone consumer confidence and a speech from Fed's Harker. Later in the day a raft of Central Bank speakers will appear on a policy panel discussion at ECB Forum on Central Banking.
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