MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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 Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

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

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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NZD/USD Clears Simple 200-day MA

NZD

NZD/USD was close to the best performer in the G10 space, up 1.55% for Wednesday's session. We currently sit slightly below late NY session highs (0.6313, against last levels of 0.6295/00). NOK recorded similar gains, while AUD was not far behind.

  • The USD was weaker across the board, as UST yields pulled back (2yr down 15bps to 4.32%) as US Chair Powell spoke and advocated a slower rate hike pace to balance risks.
  • This spill over into equity markets, which rallied strongly, with the S&P500 up over 3%, while the VIX fell back to near 20.50%, from earlier session highs above 22.50%.
  • NZD/JPY trended higher and is back close to 87.00 this morning.
  • For NZD/USD, the simple 200-day MA has been cleared at 0.6292. If we can hold above this level, mid August highs around 0.6470 beckon. On the downside support should be evident between 0.6150-0.6200.
  • There is no domestic data today, very late yesterday core logic house prices showed a -2.9% y/y fall for November, which is back to 2009 lows.
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