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Global Macro
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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
Covid Resurgence, Chinese Data Inspire Caution
Lingering concern about Covid-19 resurgence in a number of locations across the region (and the resultant tightening of restrictions) undermined broader sentiment. Risk aversion materialising in early Asia-Pac trade deepened as China's economic activity indicators for the month of April proved, on balance, worse than expected. Commodity currencies were dumped, with the kiwi bringing up the rear in G10 pack. BBG trader sources flagged selling pressure from leveraged accounts, which reloaded NZD shorts after a squeeze in Friday's NY session.
- USD/CNH traded on a firmer footing, but its upswings remained shallow. The PBOC set its central USD/CNY mid-point at CNY6.4307, just 5 pips above sell-side estimates. China's central bank is also set to issue CNH10bn of 3-Month Bills & CNH15bn of 1-Year Bills in HK on Friday.
- The yen led gains in G10 space on safe haven demand, as e-minis gave up their initial upticks & slid into negative territory. USD was also able to garner some strength, but the DXY remained way off its Friday's high.
- U.S. Empire M'fing, Italian CPI, Canadian housing starts and Fedspeak from Clarida & Kaplan take focus today.
To read the full story
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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.