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: USD/CAD Extends Winning Streak to Six Consecutive Sessions

FOREX
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  • JPY sits very modestly weaker against most others in G10, keeping the bull trend posted off the 139.58 lows intact, and the Y150.00 handle a key psychological target.  Gains are perhaps more notable in EUR/JPY, which sits just below the intersection of horizontal resistance layered between  163.49-61 and the 200-dma of 164.37.
  • Newsflow and currency-relevant headlines have been few and far between early Friday, keeping focus on the digestion of yesterday's US data as well as the upcoming policy briefing from the Chinese Ministry of Finance over the weekend. As a result, risk sentiment is mixed, evident in equity futures markets sitting in modest negative territory while the US 10y yield holds firmer - albeit well off yesterday's extremes.
  • The winning streak in USD/CAD continues, with Thursday trade confirming six consecutive sessions of higher highs and higher lows - keeping the bull trend intact and recovery highs of 1.3775 as the first target, before 1.3800 and 1.3846, the mid-April highs.
  • The focus on US inflationary pressures are likely to remain the focus Friday, with PPI data set to cross as well as the prelim UMich sentiment survey. Canadian jobs data for September is also due, with the unemployment rate set to rise to 6.7% from 6.6% - a shift that should keep the BoC on a firm easing bias ahead.
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  • JPY sits very modestly weaker against most others in G10, keeping the bull trend posted off the 139.58 lows intact, and the Y150.00 handle a key psychological target.  Gains are perhaps more notable in EUR/JPY, which sits just below the intersection of horizontal resistance layered between  163.49-61 and the 200-dma of 164.37.
  • Newsflow and currency-relevant headlines have been few and far between early Friday, keeping focus on the digestion of yesterday's US data as well as the upcoming policy briefing from the Chinese Ministry of Finance over the weekend. As a result, risk sentiment is mixed, evident in equity futures markets sitting in modest negative territory while the US 10y yield holds firmer - albeit well off yesterday's extremes.
  • The winning streak in USD/CAD continues, with Thursday trade confirming six consecutive sessions of higher highs and higher lows - keeping the bull trend intact and recovery highs of 1.3775 as the first target, before 1.3800 and 1.3846, the mid-April highs.
  • The focus on US inflationary pressures are likely to remain the focus Friday, with PPI data set to cross as well as the prelim UMich sentiment survey. Canadian jobs data for September is also due, with the unemployment rate set to rise to 6.7% from 6.6% - a shift that should keep the BoC on a firm easing bias ahead.