MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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JPY Offered as BoJ Withdraw from NIRP

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  • An exit from the Bank of Japan's negative interest rate policy has resulted in a weaker Japanese currency, with USD/JPY through Y150 to the upside and narrowing the gap with cycle highs and the bull trigger at 150.89. With the rate hike well telegraphed, markets focused on the Bank's commitment to containing any spillover in Japanese bond markets and dovish guidance suggesting today's rate hike may not be the first in a sequence of fast paced policy tightening.
  • The USD is comfortably the strongest performing currency in G10, with the USD Index back above the 200-dma and nearing March's best levels at 104.292.
  • The RBA decision overnight came in unchanged, as expected, and has worked against Antipodean currencies as the RBA dropped their tightening bias in the policy statement. AUD/USD has backtracked below the 200-dma and is narrowing in on the 0.6500 handle, weakness through which would put prices at the lowest level since March 6th.
  • Germany's ZEW survey, US housing starts and building permits data and Canadian inflation top the agenda for Tuesday, with central bank speakers still quiet as the Fed start their two-day meeting ahead of Wednesday's policy announcement.
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  • An exit from the Bank of Japan's negative interest rate policy has resulted in a weaker Japanese currency, with USD/JPY through Y150 to the upside and narrowing the gap with cycle highs and the bull trigger at 150.89. With the rate hike well telegraphed, markets focused on the Bank's commitment to containing any spillover in Japanese bond markets and dovish guidance suggesting today's rate hike may not be the first in a sequence of fast paced policy tightening.
  • The USD is comfortably the strongest performing currency in G10, with the USD Index back above the 200-dma and nearing March's best levels at 104.292.
  • The RBA decision overnight came in unchanged, as expected, and has worked against Antipodean currencies as the RBA dropped their tightening bias in the policy statement. AUD/USD has backtracked below the 200-dma and is narrowing in on the 0.6500 handle, weakness through which would put prices at the lowest level since March 6th.
  • Germany's ZEW survey, US housing starts and building permits data and Canadian inflation top the agenda for Tuesday, with central bank speakers still quiet as the Fed start their two-day meeting ahead of Wednesday's policy announcement.