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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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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CEEMEA FX Price Signal Summary - USDZAR Approaches Trendline Support

EMERGING MARKETS
  • A corrective cycle in USDZAR remains in play and this highlights scope for an extension lower near-term. Support at 17.8777, Oct 27 low, has been breached this week. Note too that the 50-day EMA has also been cleared. This strengthens a short-term bearish theme and the focus is on a trendline support drawn from the Apr 13 low. The line intersects at 17.1235. A break would open 16.9818, the Sep 13 low. Initial firm resistance is at 17.9646, the 20-day EMA.
  • The primary trend direction in USDTRY remains up. The 18.6000 handle has recently been breached and a continuation higher would open 18.70 and beyond. The 50-day EMA, at 18.4031 marks support for now.
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