MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

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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Softer Commodity Complex Keeps Lid On AUD

FOREX

The Australian dollar retreated alongside iron ore futures amid expectations of reduced demand from China, which outweighed the steepening of implied RBA tightening path inspired by Australia's strong core CPI outturn reported yesterday. AUD/USD ticked away from stiff resistance located around the 50% retracement of the Feb - Aug sell-off/200-DMA at $0.7557/59.

  • Broader defensive flows and fallout from a softer commodity complex were also in play, denting the high-beta pack. That being said, the kiwi proved resilient, and AUD/NZD snapped a three-day winning streak.
  • JPY garnered some strength as participants were after safe havens. USD/JPY moved lower and last trades at Y113.61 with sizeable option expiries with strikes at Y113.00 ($1.5bn) and Y113.70-90 ($2.3bn) coming up at today's NY cut.
  • The BoJ left their monetary policy settings unchanged, with the now standard dovish dissent from Kataoka. Nothing in the decision or accompanying rhetoric provided any material surprise.
  • The ECB pick up the monetary policy baton later today and their announcement will be followed by a presser with Pres Lagarde. The data docket features German unemployment & flash CPI as well as U.S. GDP & jobless claims.
Energy BulletsCommodities
Energy BulletsCommodities

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