MNI China Daily Summary: Monday, May 6

MNI: China CFETS Yuan Index Up 0.03% In Week of Apr 30

MNI: PBOC Net Drains CNY8 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0994 Mon; -4.33% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0994 MON VS 7.1063

PPI ex-energy remains at -1.3%Y/Y in March

MNI: EUROZONE MAR PPI -0.4% M/M, -7.8% Y/Y

Services PMIs improve more in core than periphery vs March

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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Firms Above 20-Day EMA, ¥88 Handle

NZDJPY

NZD/JPY firmed above the20-Day EMA and the ¥88 handle on Monday. The pair rose ~1.5%, its strongest daily performance since late April. We last print at ¥88.30/40.

  • Yesterday's unscheduled bond buying by the BOJ weighed on the Yen, NZD/JPY printed its highest level since mid July and sits ~4% above its immediate post BOJ low.
  • Bulls now target a break of the high from 14 July (¥88.70) which opens the high from 5 July (¥89.70) and the ¥90 handle.
  • On the downside bears first target a break of the 20-Day EMA (¥87.60), this opens yesterday's low (¥86.63). The 200-Day EMA comes in at (¥85.19).
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