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 Swings To Weekly Loss

NZD

Underwhelming Chinese Services PMI data and broader risk aversion applied selling pressure to NZD/USD on Thursday, prompting the pair to erase all of the prior day's gains on its way to a fresh two-year low. The rate probed the water under the $0.6428 mark as a result and formed a bearish outside bar pattern.

  • NZD/USD last deals at $0.6425, a touch lower on the day, poised to finish the week in negative territory. Further losses past the $0.6385-77 area, which provided support in June 2020, would allow bears to target May 29, 2020 low of $0.6169. On the flip side, bulls look for a rebound above yesterday's high of $0.6568.
  • As a result of a review of its monetary policy implementation framework, the RBNZ "will retain a floor system for monetary policy implementation, and does not intend to reintroduce credit tiers." The Reserve Bank stressed that its comments on the matter have "no implications for [its] monetary policy stance."
  • With little of note on the local docket today, focus turns to next week's card spending data, inflation, inflation expectations, and BusinessNZ M'fing PMI.
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