MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Eyeing 0.7000 Handle

AUD

AUD/USD is at fresh multi month highs. The pair last around 0.6915/20 (+0.60% for the session). We have trade through Sep 3 highs of 0.6916, with late August levels just above 0.6950, and beyond that the 0.7000 handle, the likely next upside targets.

  • The USD is weaker across the board, with the BBDXY now down 0.35% to 1240/41, but AUD is outperforming. NZD/USD is tracking the A$, last at 0.6380/85, +0.60% for the session.
  • The risk on tone from earlier has continued, although signals from the cross asset space haven't uniformly improved further. US equity futures haven't built on earlier gains, still around the +0.20/+0.25% region.
  • Iron ore is back below $116/tonne, around $2 lower for the session. Oil and gold are presenting a more upbeat picture.
  • Yield spreads are still nudging in the AUD's favor, the 2yr spread last around -95bps, we were close to -150bps in November last year.
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