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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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G7 Vow Support For Ukraine, Firmer China GDP Weighing On Greenback

EMERGING MARKETS
  • G7 nations vowed to support Ukraine for “as long as it takes” in its fight against Russian forces, while also calling for greater engagement with China to stabilize relations with the world’s second-biggest economy. In a communique released Tuesday after top G-7 diplomats met in Japan, the nations reiterated support for Ukrainian leader Volodymyr Zelenskiy’s peace plan, while slamming Russia’s “irresponsible nuclear rhetoric.”
  • China's GDP increased 4.5% y/y in Q1, beating the market consensus of 3.8% y/y and marking the quickest growth within a year, data released by the National Bureau of Statistics on Tuesday showed. GDP grew 2.2% over the previous quarter, faster than Q4 2022's revised 0.6% q/q increase. The data illustrated the country's continued rapid recovery, with production and consumption rebounding and employment and prices stabilising, the NBS said.
  • The dollar is giving back a large part of the Monday gains ahead of the NY crossover, allowing EUR/USD to trade back to flat on the week. AUD and NZD are outperforming, following the China GDP data overnight.
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