MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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ECB VP Puts EUR/USD North of 1.09

FOREX
  • The single currency is outperforming ahead of Thursday's US hours, with ECB Vice President de Guindos this morning outlining his view that QE will conclude in July, at which point a rate hike is possible - data depending. The resultant jostling of rates markets puts implied rates above 0% by year-end, helping boost EUR/USD back above the 1.09 handle.
  • Price action has traded through resistance at 1.0904, the 20-day EMA. This is a positive short-term development and suggests potential for an extension higher near-term, potentially towards the 50-day EMA, at 1.1026. Short-term gains are still considered corrective and the 50-day EMA represents the next key resistance point.
  • Yesterday's corrective JPY rally has faded into Thursday NY hours, with the Japanese currency the weakest performer so far. Nonetheless, USD/JPY remains well below the cycle high printed Wednesday at Y129.40.
  • Antipodean currencies are moderately softer as markets take profits on Wednesday's China-inspired gains. AUD and NZD sit just above JPY in the G10 table.
  • Weekly jobless claims data and the April Philly Fed release are the highlights due Thursday as well as an appearance from Fed's Powell, who joins an IMF panel with ECB's Lagarde. BoE's Mann and Bailey are also due to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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