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

Q1 Industry Survey Suggests H1 Growth Tailwind

Indonesian Sov Curve Flattens, Barclays See BI Cutting Next Week

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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Peso Shrugs Off Expectation Beating Inflation Print

PHP

Spot USD/PHP sank after the re-open, playing catch up with the overnight FOMC monetary policy decision. The rate remains at depressed levels, last -0.193 at PHP52.303, despite a firm beat in the latest batch of local inflation data. Bears look for a slide through the 50-DMA/Apr 28 low at PHP52.006/51.970. Meanwhile, the nearby PHP52.500 level remains the key bullish target.

  • USD/PHP 1-month NDF last seen +0.020 at PHP52.580. Topside focus falls on May 3 high of PHP53.240, while bears keep an eye on the 50-DMA at PHP52.253.
  • Consumer price growth in the Philippines accelerated more than forecast, reaching +4.9% Y/Y in April, beating BBG consensus forecast of +4.6%. Headline inflation has thus officially breached the BSP's target range (+2.0%-4.0% Y/Y) after printing at its upper end in March.
  • BSP Gov Diokno noted that supply disruptions are accentuating inflationary pressures and warrant "closer monitoring to enable timely intervention in order to arrest potential second-round effects."
  • Looking ahead, the Philippines Statistics Authority will publish unemployment and trade data on Friday.
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