MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Outperforming, AUD/NZD Threatening Fresh Lows

NZD

NZD/USD prints $0.6122, ~0.3% firmer in Asian trade. The Kiwi is the best performer in G-10 space at the margins.

  • NZD has shrugged off a widening trade deficit this morning as a rally in Chinese property stocks, amid fresh regulatory support, spills over into a wider risk on tone generating demand for NZD. DXY is down ~0.2% and e-minis up ~0.2%
  • AUD/NZD is re-testing yesterday's lows on NZD outperformance. The cross is currently printing NZ$1.0808 with NZD bulls targeting 1 April low at NZ$1.0774.
  • Expectations for tomorrow's RBNZ meeting haven't shifted a great deal from earlier, with an implied rate around 4.19%. Front end bond yields are higher, the 2yr up to 4.37%, +6.5bps up for the session.
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