MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

March Final HICP Data Suggests “Easter Effects” Limited To Airfares

MNI: US MBA: MARKET COMPOSITE +3.3% SA THRU APR 12 WK

US MBA: REFIS +0.5% SA; PURCH INDEX +5% SA THRU APRIL 12 WK

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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Bullion Holding Onto Recent Gains, Watch US PMIs

GOLD

Gold is holding onto its gains from recent days and has moved higher today by 0.2% to $1934.05/oz, close to its intraday high of $1937.14, as the USD is weaker. It reached a low of $1911.45 on Monday. Trend conditions for gold remain bullish and initial resistance is at Friday’s high of $1937.60.

  • The fear of a recession in the US and expected slowing in Fed tightening has supported the rally in gold prices. But analysts are warning that profit taking could derail the rally. (Dow Jones)
  • Later the US preliminary PMIs and the Richmond Fed manufacturing index for January are released. After the soft retail sales data, weak PMIs are likely to increase US slowdown concerns and drive a further rally in gold.
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