MNI China Daily Summary: Thursday, May 16

MNI BRIEF: China To Take Necessary Measures Following Tariffs

MNI BRIEF: Aussie Unemployment Rises To 4.1% In April

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1020 Thurs; -3.70% Y/Y

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

US EIA:NAT GAS STORAGE +70 BCF TO 2,633 BCF MAY 10 WK

MNI: US APR INDUSTRIAL PROD +0.0%; CAP UTIL 78.4%

Homebuilding Activity Transitioning From Plateau To Pullback

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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Cross Plumbs New YTD Lows, Nearing Technically Oversold

EURGBP
  • A fourth consecutive session of lower lows for EUR/GBP as the cross continues to push to new YTD lows. 0.8600 now marks the 2023 low as rate differentials really come into play - ECB implied pricing rolled over alongside the soft French, German inflation prints today - contrasting with the stickier inflation outlook for the UK.
  • The 14d RSI for the cross is on the cusp of becoming technically oversold for the first time since March 2021 - and bearish developments in the DMA space also signal short-term downside momentum: the 50- and 200-dmas are on the verge of forming a death cross (50-dma < 200-dma).
  • Housing data will be eyed tomorrow morning for any additional evidence of higher mortgage costs feeding through to the UK economy. Property transaction data released today showed a sharp slowdown in residential housing transactions - falling 25% in April.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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