FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Commodity Currencies Higher

FOREX

Antipodean currencies are the winners early on, AUD and NZD both up around 17 pips. The news about a cyberattack on a critical U.S. fuel pipeline have bled into commodity markets, likely lending some support to commodity-tied FX. There has been little in the way of local catalysts to move the rate early doors. In Australia there is also some focus the announcement from Australian Treasurer Frydenberg on a so-called jobs budget said to be delivered on Tuesday.

  • JPY is weaker, USD/JPY gaining around 10 pips and reversing its earlier decline. Japan's Covid-19 situation remains difficult, with the number of new cases rising past 7,000 for the first time since mid-Jan on Saturday.
  • Sterling has been the best performer in G10 space as trading in Tokyo got underway, with BBG trader sources flagging interbank buying of GBP/USD by Japanese banks, which spurred short-stop squeeze amid low liquidity. This played out as participants were digesting UK political developments from over the weekend, which came on the heels of last week's "Super Thursday" elections.
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