MNI BRIEF: China March Mfg. PMI Returns To Expansion

MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Greenback Declines As Markets Hop Towards Easter Break

FOREX

Thin volumes and news flow with several markets closed for holidays, while the usual pre-NFP lull is also expected to engender a subdued session.

  • AUD and NZD both gained as the greenback gives some more ground, oil closed at its highs following the conclusion of the OPEC+ meeting, which is helped support high beta currencies.
  • JPY slightly stronger, USD/JPY shedding around 2 pips. Data earlier showed March monetary base rose 22.8% Y/Y, the release did not have any effect on JPY.
  • Offshore yuan is stronger, USD/CNH down 32 pips at 6.5736, still well within yesterday's range, sources note bids at 6.5716. Sino-US tensions continued to simmer, in the latest development US Senate minority leader McConnell said the US must work with partners to impose consequences on China over Hong Kong. The PBOC fixed USD/CNY at 6.5649, 3 pips below sell-side estimates. The last time the PBOC fixed above sell-side estimates, indicating a preference for a weaker yuan, was 10 sessions ago.
  • EUR struggled to gain despite losses in the greenback as markets focused on fresh lockdowns in several European nations starting this weekend.
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