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MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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

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EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

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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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Extending Losses

PHP

Spot USD/PHP has extended its recent uptick and last trades +0.198 at PHP51.785, with bulls looking for further gains past Mar 31 high of PHP52.092. A break here would bring Mar 22/14 highs of PHP52.471/52.487 into play. Bears look for a slide through the 100-DMA, which kicks in at PHP51.189.

  • USD/PHP 1-month NDF last +0.260 at PHP52.000. On the topside, initial focus falls on Mar 22 high of PHP52.790. Bears keep an eye on Apr 5 low of PHP51.260.
  • BSP Gov Diokno reiterated that the fallout from Russia's invasion of Ukraine on the Philippine economy is limited as its links with both nations are limited.
  • During their first 2+2 meeting in Tokyo, the Philippines and Japan agreed to boost bilateral defence cooperation.
  • On the data front, overseas remittances are expected to hit the wires over the coming days.
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