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

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

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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Highest Level Since June Before US Equities Weigh, Food Prices On Tap

NZD

NZD/USD prints at $0.6430, ~0.1% firmer in yesterday's trading.

  • In a volatile trade yesterday the pair rallied to its highest level since early June 2022 in the European session, USD/JPY pared gains from session highs spilling over into wider USD weakness. Resistance was met above $0.6530.
  • Weakness in US Equities weighed on risk assets, weak US economic data rekindled concern for the outlook for growth and corporate earnings. NZD/USD fell ~1.6% from peak to trough before paring gains to deal at current levels.
  • AUD/NZD fell ~0.8%, breaking through further support and is now dealing below its key EMAs. The trans-tasman flows may have supported NZD at the margins.
  • Cross asset flows were mixed; DXY was little changed, S&P500 closed down 1.6% and 10-Year US Treasury Yields fell 18bps.
  • Bulls look to target yesterday's high at $0.6530, to target $0.66 round number resistance in an extension. Bears first target 20-day EMA at $0.6352 to halt the bullish trend.
  • On the wires earlier this morning Westpac's Q4 Employment Confidence Index fell 7.2%.
  • Dec Food Prices MoM is on tap shortly, the prior reading was 0.0%.
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