MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

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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Mixed G10 Performance As Markets Pause For Breath

FOREX
  • Following the volatile price action in the aftermath of Chair Powell’s remarks late Tuesday, currency markets traded in more subdued fashion today, remaining close to the prior day’s close approaching the APAC crossover.
  • A slew of Fed speakers prompted no market reactions and as such, the USD index sits just moderately lower on the session.
  • Underperforming is AUD, falling 0.4%, which is largely a reversal of the post-RBA optimism which underpinned the firmer price action on Tuesday.
  • Outperforming at the margin are GBP and CHF. For GBPUSD, today’s extension of the bounce stresses the importance of the 200-dma as support, which has successfully contained the most recent slip lower. The level crosses at 1.1948.
  • In emerging markets, the was divergent flows across CEEMEA, with USDZAR (+1.14%) printing fresh two-month highs ahead of President Cyril Ramaphosa’s State of the Nation Address on Thursday. Conversely, the Hungarian Forint outperformed, rising 1.2% and cementing the bearish technical trend for EURHUF that is currently in place.
  • Tomorrow there will be a lot of focus on the German prelim CPI print for January (due at 0700 GMT). This will likely garner market interest because it has direct implications for the Eurozone aggregate print, which was released last week with a Eurostat estimate for Germany. Additionally, the BOE Governor and MPC members will testify in front of Parliament’s Treasury Committee.
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