MNI BRIEF: China To Quicken Project Construction - NDRC

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

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

EZ Final Inflation Confirms Flash, But Services Contribution Up

Contributions to the Y/Y change in CPI

Restaurants and hotels drive the upside surprise at first glance

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Commodity FX Lose Ground, Redback Firms On Chinese Trade Data

FOREX

Commodity FX faltered in quiet Asia-Pac trade even as BBG Commodity Index extended gains to fresh multi-year highs, with little in the way of notable headline flow crossing the wires. JPY struggled for momentum despite aversion to high-betas, as Japanese gov't confirmed they will seek the extension & expansion of Covid-19 state of emergency.

  • USD/CNH knee-jerked to a session low as a surge in exports underpinned the much wider than expected Chinese trade surplus. This allowed the pair to extend its earlier losses and print worst levels since late Feb. The PBOC set its central USD/CNY mid-point at CNY6.4678, 27 pips above sell-side estimates, but the redback was unfazed.
  • Sterling outperformed in G10 FX space as polling stations closed after the "Super Thursday" elections. Labour MP McMahon effectively conceded defeat in Hartlepool by-election, where a "red wall" stronghold looked set to turn blue.
  • U.S. NFP report provides takes centre stage today, with German industrial output, Canadian unemployment & comments from Fed's Barkin, ECB's Lagarde, Riksbank's Floden and BoE's Broadbent & Haldane also due.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.