MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1305 THURS VS 7.1312

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

MNI BRIEF: ADP's Richardson Sees Pockets of Weakness in US Job Market

Australia May Exports +2.8%; Imports +3.9%

MNI:AUSTRALIA MAY TRADE BALANCE A$+5773

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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NZD Outperforms JPY and GBP

NZD

NZD/USD tracks near 0.5960 in early Monday trade, close to where we finished in NY on Friday. The pair was mostly on the front foot post the Asia close on Friday, getting near 0.5990, fresh multi week highs, before losing some momentum into the close. The pair rose 0.49% for the session.

  • The 50-day EMA comes in near 0.5995, which looms as topside resistance, while early September highs sit at 0.6015. On the downside, the 20-day EMA is back at 0.5934, while recent dips sub 0.5900 have been supported.
  • NZD was the second best performer in the G10 space on Friday, outperforming the yen (dovish BoJ weighed) and GBP (softer PMI hurt). Higher China equities helped the Kiwi (and AUD) firm, while other major equity indices mostly finished marginally lower in EU/US trade.
  • US government bond yields tracked lower versus recent highs, the 2yr back to 5.11%, the 10yr to 4.43%, after touching above 4.50% in early Friday trade. This didn't hurt overall USD index performance though (BBDXY +0.1%).
  • The NZ data calendar is quiet to start the week, with the September ANZ activity, business confidence prints due on Thursday.
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