MNI China Daily Summary: Wednesday, May 8

MNI BRIEF: BOJ To Allow Markets To Determine Long Rates-Ueda

MNI BRIEF: BOJ Would Adjust Rates Earlier If Necessary - Ueda

MNI BRIEF: China Attended DEPA Negotiations - MOFCOM

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

MNI: PBOC Sets Yuan Parity Higher At 7.1016 Weds; -4.20% Y/Y

US MBA: REFIS +5% SA; PURCH INDEX +2% SA THRU MAY 3 WK

MNI: US MBA: MARKET COMPOSITE +2.6% SA THRU MAY 03 WK

Strongest Manufacturing IP Since April 2008

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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EURJPY Sinks 1.25%, USD Retraces Prior Day Declines

FOREX
  • Lower core yields and pressure on European equities, aided by slightly dovish ECB comments have continued to weigh on EURJPY, with the pair looking to cement a 1.25% decline on Thursday. In the process, the pair has pierced initial support at the 20-day EMA, intersecting today at 158.06. More notable support comes into play between 156.87 and 156.42, the Aug 23 low and the 50-day EMA.
  • Ahead of tomorrow’s key US data, the greenback trades on a firmer footing on Thursday, and the USD index has recovered all of the prior day’s losses.
  • Outside of the Euro, most other G10 currencies have shown more moderate adjustments and small appreciations for both AUD and NZD emphasise the mixed performance across the space. It is worth noting that month-end dynamics and the close proximity to NFP data could well have had an impact.
  • Measures to stimulate the Chinese economy and property sector in particular have provided a more optimistic backdrop for the Chinese Yuan, rising around 0.4% against the greenback. Reports from Reuters that China's major state-owned banks were seen selling dollars in onshore spot FX market today has underpinned the Yuan rally.
  • China’s Caixin manufacturing PMI will be released overnight before Swiss CPI data in Europe. All focus then turns to the US employment report and ISM Manufacturing PMI. Canada GDP is also scheduled.
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