MNI China Daily Summary: Thursday, September 26

MNI BRIEF: China GDP Growth Likely 4.8% In Q3 - BOC

MNI: GERMAN OCTOBER GFK CONSUMER CLIMATE -21.2

MNI: PBOC Net Drains CNY231.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0354 Thurs; +3.96% Y/Y

CHINA PBOC CONDUCTS CNY292 BLN VIA 14-DAY REVERSE REPOS THURS

EZ/UK Bond Supply Calendar: 5/5/10-Year BTPs / CCTeu Due Friday

US EIA: CRUDE OIL STOCKS EX SPR -4.47M TO 413.0M SEP 20 WK

MNI: US AUG NEW HOME SALES -4.7% TO 0.716M SAAR

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: Greenback Finds Support, Helping Bolster USD/JPY Recovery

FOREX
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  • The greenback is firmer off this week's pullback lows as markets find support in the USD Index at last week's lows of 100.215. Moves come as European and US equity futures fail to pick up on the strong session for Asia-Pac trade - in which the CSI-300 finished higher by another 1.5%. This keeps markets on track for a modest negative open on Wall Street Wednesday, stemming the renewed test on alltime highs back in mid-September at 5797.50.
  • USD/JPY is firming, with JPY comfortably the poorest performer in G10 and tipping the pair toward yesterday's 144.68 high. Clearance here would be fresh multi-week highs and increase the focus on the down-trending 50-dma of 146.73. JPY weakness is also filtering well into CHF, which also nurses losses.
  • Sweden's Riksbank cut rates - as expected - by 25bps this morning to 3.25%, in a decision which firmly put the potential for a 50bps rate cut on the table in the near future. EUR/SEK traded higher in response, but the cross is yet to make any material progress toward Monday's 11.3788.
  • The Wednesday data schedule is light, with just US New Home Sales and weekly mortgage applications numbers due. Central bank speakers are similarly light, with an uneventful appearance from BoE's Greene coming ahead of a speech from Fed's Kugler on the economic outlook to coincide with the cash equity close. 
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  • The greenback is firmer off this week's pullback lows as markets find support in the USD Index at last week's lows of 100.215. Moves come as European and US equity futures fail to pick up on the strong session for Asia-Pac trade - in which the CSI-300 finished higher by another 1.5%. This keeps markets on track for a modest negative open on Wall Street Wednesday, stemming the renewed test on alltime highs back in mid-September at 5797.50.
  • USD/JPY is firming, with JPY comfortably the poorest performer in G10 and tipping the pair toward yesterday's 144.68 high. Clearance here would be fresh multi-week highs and increase the focus on the down-trending 50-dma of 146.73. JPY weakness is also filtering well into CHF, which also nurses losses.
  • Sweden's Riksbank cut rates - as expected - by 25bps this morning to 3.25%, in a decision which firmly put the potential for a 50bps rate cut on the table in the near future. EUR/SEK traded higher in response, but the cross is yet to make any material progress toward Monday's 11.3788.
  • The Wednesday data schedule is light, with just US New Home Sales and weekly mortgage applications numbers due. Central bank speakers are similarly light, with an uneventful appearance from BoE's Greene coming ahead of a speech from Fed's Kugler on the economic outlook to coincide with the cash equity close.