MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

MNI: CANADIAN JAN BUILDING PERMITS -3.2% MOM

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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CEE FX: EUR/USD Dips Following Trump Post, CEE FX Moving Lower In Tandem

CEE FX
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The latest post from Trump on tariffs is among the most direct criticisms of the EU, pressing EUR/USD to a new daily low of 1.0845. While many of the criticisms voiced by the President are his long-standing view, the 200% tariff threat on wine, champagne etc. is a direct response to the EU's tariff move yesterday morning (which was, in turn, a response to aluminium/steel tariffs).

  • The move lower is working against CEE FX, with each of HUF, PLN and CZK now at new session lows versus the single currency. USD/CE3 pairs stand between 0.5-0.8% higher.
  • The mechanical nature of the EU's tariff step yesterday likely means a swift rollback on measures is unlikely (contrasting with e.g. Ontario's electricity surcharge threats earlier in the week).
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The latest post from Trump on tariffs is among the most direct criticisms of the EU, pressing EUR/USD to a new daily low of 1.0845. While many of the criticisms voiced by the President are his long-standing view, the 200% tariff threat on wine, champagne etc. is a direct response to the EU's tariff move yesterday morning (which was, in turn, a response to aluminium/steel tariffs).

  • The move lower is working against CEE FX, with each of HUF, PLN and CZK now at new session lows versus the single currency. USD/CE3 pairs stand between 0.5-0.8% higher.
  • The mechanical nature of the EU's tariff step yesterday likely means a swift rollback on measures is unlikely (contrasting with e.g. Ontario's electricity surcharge threats earlier in the week).