MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI UK Inflation and Labour Market Insight: April 2024 Release

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

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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Outperforms, RBNZ On Tap

NZD

NZD/USD prints $0.6155, the pair was ~0.9% firmer in Tuesday's Trading.

  • Kiwi outperformed yesterday with only NOK stronger in the G-10 space as equities and bonds rallied as a risk-on tone developed. NZD/USD firmed through the London session, finding resistance at $0.6160, before settling into a $0.6140/55 range.
  • The S&P500 closed at its highest level since 12 Sep, upbeat earning from retailers boosted sentiment, up ~1.4%. The USD snapped a three-day rally, DXY down ~0.6%.
  • OIS markets are pricing a ~69 bps hike in the OCR at today's RBNZ meeting. The Bloomberg consensus is for a 75 bps hike. 15 out 21 economists surveyed look for a 75bps hike, the remainder forecast a 50bps move. The terminal rate is now priced to peak at 5.17%.
  • Technically, bulls look to target the 200-day EMA at $0.6237. A break through there would open the way to the high from 12 Aug at $0.6468. Bears need to breach the 100-day EMA at $0.6027 to re-establish the downtrend.
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