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China Data Awaited

FOREX

Major pairs rangebound so far, with markets awaiting a Chinese data dump later in the session to discern direction. AUD is flat with little to report in terms of headlines, NZD slightly stronger, but for the most part looking through a stellar BusinessNZ M'fing PMI reading, with headline index registering at a fresh record high of 63.6 in Mar vs. the upgraded 54.2 recorded in Feb.

  • JPY is stronger, despite reports yesterday that the government is once again seeking to tighten coronavirus restrictions. Focus falls on PM Suga's visit to the White House. His talks with U.S. Pres Biden are expected to be China-centric, ranging from geopolitics to human rights issues.
  • CNH is flat having moved in a range through the US session, IMF's Berger did cross the wires saying expects China's recovery to be balanced by year end. Markets look ahead to the monthly data dump later in the session when GDP, industrial production, fixed asset investment, retail sales and new home prices are all due.
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