MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI: US APR PHILADELPHIA FED MFG INDEX 15.5

MNI: US JOBLESS CLAIMS +0K TO 212K IN APR 13 WK

MNI UK Inflation and Labour Market Insight: April 2024 Release

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 The Focal Point as Markets Gear for New BoJ Governor

FOREX
  • JPY has been the focal point of the Friday session, rallying on the back of local press reports that University of Tokyo academic and former BoJ board member Kazuo Ueda is to be nominated as the BoJ governor next week. The reports added that Amamiya - former frontrunner for the role - had turned down the nomination, to which markets responded by bidding JPY higher.
  • USD/JPY slipped over 150 pips in the initial response, putting the pair at 129.81, before staging a recovery as wires cited Ueda comments in favour of policy continuity in the short-term.
  • SEK sits at the other end of the G10 table, weaker against most others as markets very modestly backtrack the Thursday post-Riksbank strength.
  • NOK found a minor bid on the back of higher-than-expected inflation figures. CPI-ATE rose to 6.4% - uncomfortably higher than the Norges Bank's December projections. The release bolsters the case for a March 25bps rate hike, and raises concerns over the need for further tightening beyond this quarter.
  • Focus Friday turns to the Canadian jobs report, with markets expecting a net change in employment of +15k and a higher unemployment rate at 5.1%. Prelim University of Michigan sentiment also crosses, at which markets expected 1yr inflation expectations to tick higher to 4.0% from 3.9%.
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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