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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Neer Eases In Early Trade, Fresh Cycle Low For USD/SGD

SGD

The SGD NEER (per Goldman Sachs estimates) has eased this morning after dealing higher in the aftermath of Fed Chair Powells press conference where he noted the disinflation process has begun. NEER sits ~0.5% below the upper end of the band at present levels.

  • USD/SGD is ~0.2% softer today last dealing $1.3040/50, the pair printed a fresh cycle low of $1.3032 in early dealing. The pair fell ~0.7% in volatile trade late in the NY session yesterday as Fed Chair Powell spoke.
  • Technicals remain bearish for USD/SGD. We sit comfortably below the 20,50,100,200 EMAs. The next target for bears is the 2018 low at 1.3009 opening $1.2805 a Fibonacci projection. Bulls first look to break 20-Day EMA at 1.3203 to halt the bear's momentum.
  • On the wires later today, we have Jan Purchasing Managers Index, the Bloomberg survey median is 49.6, the prior read was 49.7. Tomorrow, we have S&P Global PMI for January, there is no estimate, and December Retail Sales, the estimate is 5.2%.
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