MNI China Daily Summary: Thursday, May 9

MNI BRIEF: BOJ Consumption Index Falls

MNI: PBOC Net Injects CNY2 Bln Via OMO Thurs; Rates Unchanged

MNI BRIEF: Global Rates Divergence To Slow EM Easing- CBRT

MNI BRIEF: Turkish Central Bank Raises 2024 Inflation Forecast

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

INDON Sov Curve Steepens, BI Gov Hint At No Further Hikes

MNI: CHINA APR EXPORTS +5.1% Y/Y IN YUAN TERM: CUSTOMS

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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Dips Amid Broad USD Gains, Q3 Employment Figures Due Soon

NZD

NZD/USD lost 0.33% for Tuesday's session, amid broad USD gains. The Kiwi was mid range from a G10 standpoint, but outperformed the yen noticeably, which continued to lose ground post the BOJ decision. NZD/USD currently tracks at 0.5820/25, comfortably within recent ranges. Tuesday NY session lows were close to 0.5800. Yesterday's highs were near 0.5860.

  • The BBDXY rose 0.44% to 1276.35, with firmer equity sentiment in EU and US markets (amid a further pull back in oil prices) not helping higher beta plays like NZD.
  • US yields stayed on the front foot (10yr to 4.93% +3.6bps) but below recent highs. US data was mixed, but the main focus is the upcoming Fed decision later today.
  • For NZ, Oct saw the first rise in house prices in 19 months per Core Logic (up 0.4% m/m, -5.7% in y/y terms), see this BBG link. Y/Y momentum is turning higher.
  • Coming up shortly we have Q3 employment data. The market looks for the unemployment rate to rise to 3.9% (from 3.6%). Employment growth is expected to slow to 3.2% from 4.0% in Q2. Wages are projected to be similar to Q2 outcomes at +1.0%q/q.
  • Earlier the RBNZ released its Financial Stability Review. It suggested that the financial system is well placed to handle the adjustment to higher interest rates. Some households are under stress, but the vast majority is managing the higher repayment burden.
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