MNI EM China Daily Summary: Tuesday, April 9

MNI EM China Daily Summary: Tuesday, April 9

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

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EUR Off Overnight Lows on Better Manufacturing Data

FOREX
  • Following an unimpressive open for the EUR, the single currency picked up some steam on the release of better-than-expected Eurozone PMI data, with strong activity seen across manufacturing in particular. This prompted a minor spell in strength for the currency up toward 1.1650 before fading.
  • UK data has been more mixed, with stronger PMI numbers countered by a poor set of retail sales data, which is keeping GBP toward the bottom-end of the G10 table.
  • The greenback trades poorly with the USD index now just above the week's lows of 93.496. Weakness through here would open losses back toward the 50-dma at 93.2894.
  • Antipodean currencies are resuming the strength seen earlier in the week, with AUD, NZD trading well alongside commodities. This keeps AUD/USD within range of key resistance at the 0.7564 200-dma.
  • Canada's August retail sales release takes focus going forward, with prelim October US PMI data also due. Fed's Daly is due to speak later today, as well as the Fed Chair Powell who appears alongside the SARB governor Kganyago on a BIS panel.
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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