MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Peso Goes Offered Even As Outgoing BSP Gov Diokno Sees CPI Quickening

PHP

Spot USD/PHP has crept higher this morning, threatening to challenge key resistance from PHP52.500. The rate last deals +0.064 at PHP52.452 and a break above that important level would expose Aug 15, 2019 high of PHP52.620. Bears would be pleased by a sell-off past May 20 low of PHP52.126, which would bring Apr 28 low of PHP51.970 into play.

  • USD/PHP 1-month NDF last +0.060 at PHP52.620. Topside focus falls on May 12 high of PHP52.850, while bears keep an eye on May 23 low of PHP52.070.
  • Outgoing Tourism Secretary Bernadette Romulo-Puyat will join Bangko Sentral ng Pilipinas as its new Deputy Governor. Governor Diokno told the STAR that the Monetary Board already approved her application.
  • The domestic data docket is virtually empty during the remainder of this week, which turns focus to next week's CPI report.
  • On that note, outgoing BSP Gov Diokno said headline inflation likely settled within +5.0-5.8% Y/Y range in May, accelerating from April's +4.9%.
  • According to Diokno, higher petroleum and food prices as well as peso depreciation are the main sources of inflationary pressures.
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