MNI China Daily Summary: Monday, June 3

MNI BRIEF: Caixin May Manufacturing PMI Hits Over Two-year High

MNI: China CFETS Yuan Index Up 0.03% In Week of May 31

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

MNI: PBOC Sets Yuan Parity Lower At 7.1086 Mon; -1.90% Y/Y

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

US S&P Manufacturing PMI Revised 0.4 points higher to 51.3

MNI: US MAY FINAL MANUFACTURING PMI 51.3 (FLASH: 50.9); APR 50.0

Euro-coin Nowcast Slips To 0.18 In May

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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Japan Says North Korea Test Fired Two Missiles

JPY

USD/JPY moved higher Wednesday, accelerating gains after a considerable miss in U.S. durable goods orders. The pair failed to take out the Y109.00 mark and eased off over the WMR fix and into the close, but managed to finish the day on the front foot.

  • Japanese PM Suga confirmed that North Korea fired two ballistic missiles, which fell outside Japan's EZZ. Suga has lodged protest against the act and will discuss it with U.S. Pres Biden.
  • The pair has pushed higher in early Asia-Pac trade, with the yen underperforming after the Nikkei 225 re-opened on a firmer footing. USD/JPY last trades +12 pips at Y108.86, with bulls looking for a rally past Mar 15 high of Y109.36, towards the 76.4% recovery of the Mar 2020 - Jan 2021 slide at Y109.56. Bears need a fall through Mar 10 low of Y108.34 before targeting the 20-EMA at Y108.15.
  • BoJ Kuroda will appear in parliament later today. Looking further afield, Tokyo CPI comes out Friday.
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