MNI China Press Digest Mar 22: Autos, Local Gov, Real-Estate

MNI: PBOC Drains Net CNY11 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1004 Fri; -4.29% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1004 FRI VS 7.0942

MNI: BANXICO CUTS TARGET RATE BY 25 BPS TO 11%

Retail sales data to have little impact on the MPC or markets

Retail sales better than expected M/M

MNI: UK FEB RETAIL SALES +0% M/M, -0.4% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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JPY Remains On Top In Subdued Thanksgiving Session

FOREX
  • Risk continues to be trade in a buoyant fashion following yesterday’s weaker US data and confirmation that the Fed sees the pace of hikes slowing, with a 50bp move seeming very likely in December. The greenback maintains its short-term downward bias, and most G10 ranges have remained modest during the US Thanksgiving session.
  • The Japanese Yen leads the G10 FX pack, with Tokyo returning from a mid-week holiday and USDJPY (-0.82%) extending below initial support at 139.64, the Nov 18 low. A substantial break now turns the focus to 137.68, Nov 15 low and a bear trigger.
  • Despite a relatively small decline for the USD index (-0.18%), there has been broad based greenback losses once more. The likes of GBP, AUD and NZD have all advanced just shy of half a percent.
  • Furthermore, echoing the moves from yesterday, the Chinese Yuan is underperforming as advisers and analysts told MNI that the People’s Bank of China is expected to cut banks’ reserve requirement ratio in coming days as fresh Covid outbreaks fuel concerns about the sluggish economic recovery.
  • Additionally, both CAD and EUR remain close to unchanged, with the latter straddling either side of the 1.0400 mark after failing 30 pips shy of important resistance at 1.0479, the Nov 15 high and the bull trigger.
  • New Zealand retail sales cross in early APAC trade, marking the highlight of a very empty Friday data calendar. Final readings of German and Mexican GDP are the only data points of note.
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