MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

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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GBP Sinks on Six Months of Sour Services

FOREX
  • After a middling start, GBP is now comfortably the poorest performer in G10, with a soft set of UK PMI data undermining the currency. Services and composite PMI both fell short of expectations, with the data signalling siz consecutive months of contraction across the services sector, with business activity now declining at the fastest pace since the COVID pandemic.
  • GBP/USD extended the losses below Monday's 1.2324, putting prices at the lowest level since January 18th. Markets are now within range of next support at 1.2215/2083, marking the 20-day EMA and Low Jan 9 respectively.
  • JPY is stronger, although a similarly strong USD has kept USD/JPY within yesterday's range. The pair looked through comments from the Japanese economy minister, who quoted the BoJ governor as stating that market moves are becoming more stable.
  • NOK is among the session's poorest performers so far, led lower by softer WTI and Brent crude futures prices. Nonetheless, USD/NOK remains shy of resistance at 9.9134 - yesterday's high - as well as the 50- and 200-dmas at 9.9360 and 9.9484 respectively.
  • Prelim US PMI data crosses later today, with markets expecting a further slip for the manufacturing and services subindices. This is seen putting the composite headline at 46.4, just above the 45.0 previous. The speaker slate is light, with the Fed's media blackout keeping the calendar quiet. ECB's Knot, Vujcic and President Lagarde have already made appearances, but said little to sway markets in either direction.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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