MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Flight To Safety To Start The Week

FOREX

The USD is higher against all the majors at the start of the week, albeit to varying degrees. Traditional safe havens JPY and CHF have outperformed amid cross asset headwinds from the equity/commodity space. The main driver of sentiment has been negative China covid developments, as restrictions rise to curb the spread of the current outbreak.

  • The BBDXY is +0.30%, last around 1286.60. EUR/USD is down sub 1.0300 (last 1.0285, -0.40%). Losses in the pair have accelerated somewhat this afternoon. Recent lows come in around 1.0270/80. GBP/USD has fallen to 1.1835/40.
  • USD/JPY has crept higher, last just above 140.50. USD/CHF is just above 0.9550.
  • AUD/USD was an underperformer, not helped by China developments, but found some support under 0.6640 (last 0.6645). NZD/USD is back to 0.6135, outperforming the weaker AUD trend though. AUD/NZD touched close to 1.0800 in the early trading today, lows last seen in April. Relative central bank divergences continue to weigh on the cross.
  • Coming up later is Germany's PPI and BoE’s Cunliffe speech, while in the US the Chicago Fed’s November National Activity Index is out. The Fed's Daly ('24 voter) also speaks.
Energy BulletsCommodities
Energy BulletsCommodities

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