MNI China Daily Summary: Wednesday, February 19

MNI BRIEF: China Jan Utilised FDI Lower Than Last Year

MNI BRIEF: China Unveils Plan To Attract Foreign Investors

MNI BRIEF: China To Ensure Credit Supply For Private Companies

MNI BRIEF: China Bond Connect Holdings Down In January

MNI: China Tier-one Housing Markets Likely To Stabilise

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI: UK JAN CPI -0.1% M/M, +3% Y/Y

RBNZ SAYS IT HAS SCOPE TO LOWER FURTHER IN 2025

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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FOREX: Little FX Shifts In Early Friday Trade, EU Currencies Up For The Week

FOREX
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Aggregate FX moves are not large in the FX space so far in Friday Asia Pac dealings. The BBDXY index was last little changed near 1292. It is still down for the week by close to 0.65%, the second straight week of losses.  

  • USD/JPY is down a touch, last near 152.60, but is still well above recent lows (sub 151.00). Yen is also down 0.80% for the week, the weakest G10 performer, see the chart below.
  • NZD/USD has ticked up, last near 0.5685. Earlier we had a rise in the PMI back above the 50.0 level, while food prices were also very strong in Jan. Westpac noting this shouldn't shift RBNZ thinking for a 50bps cut next week, but inflation trends going forward will need to be watched. Upside focus for NZD/USD is likely to rest with earlier Feb highs just above 0.5700. This would also represent a test above the 50-day EMA.
  • AUD/USD has also ticked higher, last around 0.6320. We are just sub Jan 24 highs at 0.6331.
  • EU related currencies have outperformed this week, with hopes of Ukraine peace deal, and less adverse tariff news aiding sentiment. SEK is the standout up 2%.
  • In the cross asset space, regional equity trends are mixed. Hong Kong shares continue to outperform, but onshore markets in Chin are close to flat. USD/CNH is firmer above 7.2800, which may taking the shine off AUD and NZD at the margins. US equity futures are a touch higher, while US yields sit up a touch. 

Fig 1: G10 FX Returns Versus The USD - Past 5 Days 

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Aggregate FX moves are not large in the FX space so far in Friday Asia Pac dealings. The BBDXY index was last little changed near 1292. It is still down for the week by close to 0.65%, the second straight week of losses.  

  • USD/JPY is down a touch, last near 152.60, but is still well above recent lows (sub 151.00). Yen is also down 0.80% for the week, the weakest G10 performer, see the chart below.
  • NZD/USD has ticked up, last near 0.5685. Earlier we had a rise in the PMI back above the 50.0 level, while food prices were also very strong in Jan. Westpac noting this shouldn't shift RBNZ thinking for a 50bps cut next week, but inflation trends going forward will need to be watched. Upside focus for NZD/USD is likely to rest with earlier Feb highs just above 0.5700. This would also represent a test above the 50-day EMA.
  • AUD/USD has also ticked higher, last around 0.6320. We are just sub Jan 24 highs at 0.6331.
  • EU related currencies have outperformed this week, with hopes of Ukraine peace deal, and less adverse tariff news aiding sentiment. SEK is the standout up 2%.
  • In the cross asset space, regional equity trends are mixed. Hong Kong shares continue to outperform, but onshore markets in Chin are close to flat. USD/CNH is firmer above 7.2800, which may taking the shine off AUD and NZD at the margins. US equity futures are a touch higher, while US yields sit up a touch. 

Fig 1: G10 FX Returns Versus The USD - Past 5 Days 

Keep reading...Show less