MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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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Precious Metals Retreat, USD Recoils

FOREX

DXY bounced into positive territory and the greenback jumped onto the top
of the G10 pile as gold and silver retreated. Precious metals were
offered amid apparent profit taking after gold futures (Z0)
topped out at 2,000. A sudden recovery in USD set the tone of G10 FX
price action in the Asia afternoon.

  • AUD crosses pulled back from highs alongside gold & silver. NZD followed
    suit, but its decline was deeper, perhaps as China protested New Zealand's
    decision to suspend its extradition treaty with Hong Kong.
  • The loonie was bid, USD/CAD printed a 7-week low before USD recovery.
  • Despite trimming losses, USD/IDR continued to operate below neutral
    levels, following the formation of a "death cross" (50-DMA < 200-DMA).
  • Renewed demand for USD inspired a strong rebound in USD/KRW, capped
    only by yesterday's highs. The won led losses in Asia EM FX space.
  • Focus moves to U.S. Conf. Board Consumer Confidence, as well as Swedish
    retail sales and trade balance.
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