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 BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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 Recovers Off Lows, But Trend Remains Down

FOREX
  • JPY is the firmest currency on the day, recovering off recent lows as markets book profits on the recent downtick. USD/JPY has shown back below the 114.00 handle, and sits either side of the mark ahead of the NY crossover. Despite the modest bounce in the currency, the outlook remains bearish JPY, with USD/JPY tilted higher while the price holds above 113.38 support.
  • Elsewhere, AUD and NZD are softer, falling against most others in a moderation of strength earlier in the week. Some weight has crossed through commodity-tied currencies after China's NDRC warned of a crack down on commodities speculation, headlines that have led to a sharp pullback in China listed metals and coal contracts.
  • The USD index is generally firmer, but holds south of the 94.00 and therefore well off recent highs. A modestly flatter yield curve (10y yield lower by 2bps, 30y yields lower by 3bps) is containing dollar strength at these levels.
  • Weekly US jobless claims data takes focus going forward, with speeches also due from Fed's Waller and RBA's Lowe. Earnings season continues, with reports from Intel and AT&T among the highlights Thursday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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