MNI China Daily Summary: Friday, October 11

MNI: GERMANY SEP FINAL HICP -0.1% M/M; +1.8% Y/Y

MNI: PBOC Net Drains CNY183.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.0731 Fri; +3.03% Y/Y

CHINA PBOC CONDUCTS CNY94.2 BLN VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0731 FRI VS 7.0742

MNI: GERMAN SEP CPI +1.6 % Y/Y

MNI: UK AUG TRADE BALANCE GBP -0.95BN

MNI: UK AUG CONSTRUCTION OUTPUT +0.4% MM, +1% 3M3M, +0.3% YY

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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FOREX: Dollar Trends Steady Ahead Of More Data/Fedspeak

FOREX
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G10 FX markets have had a relatively muted start to Friday trade. The USD BBDXY index is down slightly, last near 1243.25. 

  • US yields are closed to unchanged as markets await PPI & U. of Mich. Sentiment later, while we also have more Fed speak. US equity futures are slightly higher, but we also have key earnings kicking off later.
  • Regional equity sentiment is mixed, with China markets down ahead of tomorrow's MOF fiscal briefing. We also hear from other authorities in China on Monday.
  • Still, this hasn't stopped AUD and NZD nudging a little higher. AUD/USD was last near 0.6745/50, still down for the week (-0.70%). NZD/USD has tracked back above 0.6100, still trying to recoup post RBNZ losses. Earlier data showed manufacturing in NZ stayed in contraction, while annual migration continued to slow. Food prices rose in September but this is ahead of next week's Q3 CPI print. Inflation is expected to fall back inside the RBNZ's target band (1-3%).
  • USD/JPY has drifted a little higher, the pair last near 148.70/75 but Thursday highs at 149.55 remain comfortably intact. 
  • Outside of the US data outcomes, we also have UK data coming up, headlined by monthly GDP. 
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G10 FX markets have had a relatively muted start to Friday trade. The USD BBDXY index is down slightly, last near 1243.25. 

  • US yields are closed to unchanged as markets await PPI & U. of Mich. Sentiment later, while we also have more Fed speak. US equity futures are slightly higher, but we also have key earnings kicking off later.
  • Regional equity sentiment is mixed, with China markets down ahead of tomorrow's MOF fiscal briefing. We also hear from other authorities in China on Monday.
  • Still, this hasn't stopped AUD and NZD nudging a little higher. AUD/USD was last near 0.6745/50, still down for the week (-0.70%). NZD/USD has tracked back above 0.6100, still trying to recoup post RBNZ losses. Earlier data showed manufacturing in NZ stayed in contraction, while annual migration continued to slow. Food prices rose in September but this is ahead of next week's Q3 CPI print. Inflation is expected to fall back inside the RBNZ's target band (1-3%).
  • USD/JPY has drifted a little higher, the pair last near 148.70/75 but Thursday highs at 149.55 remain comfortably intact. 
  • Outside of the US data outcomes, we also have UK data coming up, headlined by monthly GDP.