MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Restaurants and hotels drive the upside surprise at first glance

UK DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The biggest upward contribution seems to be from restaurants and hotels at first glance. We had flagged there could be some upside from this category - both due to Easter and due to a smaller contribution in February than had been expected. This is a volatile category and could be reversed next month.
  • Air fares doesn't appear to be driving the upside surprise.
  • Still looking through the details for other impacts, but combined with yesterday's higher private sector wage growth data, this supports the view that the BOE won't be in a particular rush to cut rates in May with June/August still looking most likely for a first cut in our view.
  • GBPUSD spiked 25 pips higher on the release and is now around 20 pips higher at 1.2440 at writing (which is still similar to its overnight highs).
136 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The biggest upward contribution seems to be from restaurants and hotels at first glance. We had flagged there could be some upside from this category - both due to Easter and due to a smaller contribution in February than had been expected. This is a volatile category and could be reversed next month.
  • Air fares doesn't appear to be driving the upside surprise.
  • Still looking through the details for other impacts, but combined with yesterday's higher private sector wage growth data, this supports the view that the BOE won't be in a particular rush to cut rates in May with June/August still looking most likely for a first cut in our view.
  • GBPUSD spiked 25 pips higher on the release and is now around 20 pips higher at 1.2440 at writing (which is still similar to its overnight highs).