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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Greenback Outperforms With FX Space In Pre-FOMC Waiting Mode

FOREX

The greenback ground higher ahead of today's monetary policy decision from the Fed, with G10 crosses treading water through the tight Asia-Pac session. The DXY failed to threaten yesterday's extremes, while e-minis & most regional equity benchmarks lost altitude.

  • AUD was the worst performer in G10 FX space as a degree of caution crept in. RBA Asst Gov Kent stuck to the familiar script, reaffirming some key aspects of the Reserve Bank's policy stance.
  • USD/JPY resumed gains after the recent formation of the "golden cross" pattern, despite today's expiry of $1.2bn worth of options with strikes at Y108.50-55. USD/JPY overnight ATM implied volatility rose to 13.29%, a level not seen since the U.S. presidential election.
  • The PBOC fixed its USD/CNY mid-point at CNY6.4978, virtually in line with sell side estimates. USD/CNH was rangebound.
  • Apart from the FOMC meeting, today's highlights include Canadian and final EZ CPIs, U.S. housing starts & building permits as well as comments from ECB's Elderson.
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