MNI China Daily Summary: Thursday, March 6

MNI: UK FEB CONSTRUCTION PMI 44.6 (FCST: 49.5); JAN 48.1

MNI BRIEF: PBOC Launches New Board For Tech Bond Issuance

MNI BRIEF: China Has Policy Room If Needed - Finance Minister

MNI BRIEF: PBOC To Cut RRR, Rates When Needed - Governor Pan

MNI: PBOC Net Drains CNY110.5 Bln via OMO Thursday

MNI: EUROZONE JAN RETAIL SALES -0.3% M/M, +1.5% Y/Y

MNI: EUROZONE FEB CONSTRUCTION PMI 42.7; JAN 45.4

MNI: SWEDEN FLASH FEB CPIF +2.9% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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FOREX: Moderate FX Moves During APAC Session, Yen Underperforming

FOREX
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The BBDXY USD index fell 0.1% earlier but has rebounded off that low to be 0.1% higher during APAC today supported by higher Treasury yields. There also has been little new information during the session. The yen is underperforming in light of stronger risk appetite with USDJPY 0.3% higher at 149.28 after a high of 149.33. EURJPY continues to climb with the pair up 0.3% to 161.12 off today’s high of 161.28.

  • EURUSD is little changed currently at 1.0791 off its intraday peak of 1.082 with it unable to hold the break above 1.0800. With the Swiss franc also pressured by the improvement in risk sentiment, EURCHF is 0.1% higher at 0.9625.
  • GBPUSD is down slightly to 1.2890 leaving EURGBP slightly higher at 0.8372 but off the intraday high of 0.8383.
  • AUDUSD reached 0.6357 when the greenback was weakening but has moderated since to be up around 0.1% to 0.6340. NZDUSD is 0.1% higher at 0.5733 leaving AUDNZD moderately lower at 1.1059. The pair has range traded through the session.
  • AUDEUR has been declining on increased trade protectionism but today is up slightly to 0.5875, close to the intraday high.
  • Equities are mixed with the Hang Seng up 2.6%, CSI 300 +1.3% and Nikkei +0.9% but ASX down 0.5% and Nifty 50 -0.1% and the S&P e-mini is flat. Oil prices are moderately higher with WTI +0.6% to $66.70/bbl. Copper is 0.3% higher and iron ore $101-102/t.
  • Later the Fed’s Waller and Harker speak and US jobless claims and final Q4 productivity/ULC print. The ECB is expected to cut rates 25bp with President Lagarde appearing afterwards and euro area January retail sales are released. Canada’s February Ivey PMI is also out.
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The BBDXY USD index fell 0.1% earlier but has rebounded off that low to be 0.1% higher during APAC today supported by higher Treasury yields. There also has been little new information during the session. The yen is underperforming in light of stronger risk appetite with USDJPY 0.3% higher at 149.28 after a high of 149.33. EURJPY continues to climb with the pair up 0.3% to 161.12 off today’s high of 161.28.

  • EURUSD is little changed currently at 1.0791 off its intraday peak of 1.082 with it unable to hold the break above 1.0800. With the Swiss franc also pressured by the improvement in risk sentiment, EURCHF is 0.1% higher at 0.9625.
  • GBPUSD is down slightly to 1.2890 leaving EURGBP slightly higher at 0.8372 but off the intraday high of 0.8383.
  • AUDUSD reached 0.6357 when the greenback was weakening but has moderated since to be up around 0.1% to 0.6340. NZDUSD is 0.1% higher at 0.5733 leaving AUDNZD moderately lower at 1.1059. The pair has range traded through the session.
  • AUDEUR has been declining on increased trade protectionism but today is up slightly to 0.5875, close to the intraday high.
  • Equities are mixed with the Hang Seng up 2.6%, CSI 300 +1.3% and Nikkei +0.9% but ASX down 0.5% and Nifty 50 -0.1% and the S&P e-mini is flat. Oil prices are moderately higher with WTI +0.6% to $66.70/bbl. Copper is 0.3% higher and iron ore $101-102/t.
  • Later the Fed’s Waller and Harker speak and US jobless claims and final Q4 productivity/ULC print. The ECB is expected to cut rates 25bp with President Lagarde appearing afterwards and euro area January retail sales are released. Canada’s February Ivey PMI is also out.