MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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Forint Hampered by Greenback Strength Alongside Regional Peers

HUF
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  • Greenback strength amid hawkish comments from Fed’s Waller overnight has been weighing on the EM FX basket, resulting in EUR/HUF erasing yesterday’s losses. Note the forint is second to only the South African rand as the weakest currency in the EMEA region today.
  • At typing, EUR/HUF is up 0.25%, though we remain some way off topside focus at the 400.00 handle. Overall, the cross is still around 0.7% lower on the week, while the forint has outperformed its CE3 counterparts amid a more hawkish NBH policy mix.
  • This week’s lows in EUR/HUF have closely matched the 20-day EMA, intersecting today at 394.44. While this average has been pierced recently, a clear break is needed to signal scope for an extension lower towards the 50-day EMA at 391.06. This would undermine the recent bullish theme.
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  • Greenback strength amid hawkish comments from Fed’s Waller overnight has been weighing on the EM FX basket, resulting in EUR/HUF erasing yesterday’s losses. Note the forint is second to only the South African rand as the weakest currency in the EMEA region today.
  • At typing, EUR/HUF is up 0.25%, though we remain some way off topside focus at the 400.00 handle. Overall, the cross is still around 0.7% lower on the week, while the forint has outperformed its CE3 counterparts amid a more hawkish NBH policy mix.
  • This week’s lows in EUR/HUF have closely matched the 20-day EMA, intersecting today at 394.44. While this average has been pierced recently, a clear break is needed to signal scope for an extension lower towards the 50-day EMA at 391.06. This would undermine the recent bullish theme.