MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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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Kiwi Firms Up During Local Holiday

NZD

NZD/USD has added a handful of pips early doors, with local liquidity sapped by a market holiday in New Zealand. The pair changes hands +10 pips at $0.7208, trading through last Friday's high, as the kiwi sits atop the G10 pile.

  • The rate recoiled from its 50-DMA into the weekend, in yet another sign that the moving average is a crucial near-term layer of support. A further topside move through Feb 3 & 4 highs of $0.7225 would open up Jan 26 high of $0.7248. Meanwhile, a slide through the aforementioned 50-DMA at $0.7148 would turn focus to Jan 28/18 lows of $0.7106/0.7096.
  • The RBNZ will publish inflation expectations tomorrow. Looking further afield, BusinessNZ M'fing PMI & food price index are due tomorrow.
  • Elsewhere, all eyes will be on tomorrow's Budget Policy Statement from FinMin Robertson. The Minister will provide an update on the priorities of the gov't's 2021 spending plan.
  • Ahead of Robertson's speech, interest.co.nz reported that the Tsy & RBNZ explicitly warned the FinMin in Jan 2020 that deploying unconventional monetary policy would increase inequality and fiscal authorities would bear responsibility for addressing these distributional externalities.
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