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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Risk-On Sentiment Dominates

CANADA
  • FI: GoCs bear steepen but have increasingly lagged the rise in Tsy yields. It’s seen a further trimming in Can-US yield differentials but they remain at a healthy +6bps (2Y) and +3bps (10Y) having only recently turned positive.
  • Higher yields have tightened domestic financial conditions materially but lenders hadn’t started to make additional tightening of lending conditions in the BoC’s Q1 Senior Loan Office survey, something that could help slow the pace of house price growth.
  • FX: Broader risk-on sentiment dominates FX moves today, with CAD, AUD and NOK all moving in unison as oil also firms.
  • USDCAD sits -0.9% at 1.2934 which could see it test support at 1.2914 (May 2 high) on a continuation of risk-on sentiment, but equally technicals suggest a bullish outlook for the pair which could be resumed if risk sentiment sours following the weekend.
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