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: US APR PHILADELPHIA FED MFG INDEX 15.5

MNI: US JOBLESS CLAIMS +0K TO 212K IN APR 13 WK

MNI UK Inflation and Labour Market Insight: April 2024 Release

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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South Korea's Exports Prove Resilient

KRW

Spot USD/KRW trades at KRW1,175.25, marginally higher on the day. The rate hovers just above its 50-DMA, which kicks in at KRW1,172.26. A break here would shift focus to KRW1,165.75, which limited losses on Sep 16. Bullish focus falls on Oct 18 high of KRW1,188.40. Should the rate breach that level, bulls could take aim at Oct 12 high of KRW1,200.35.

  • USD/KRW 1-month NDF last seen at KRW1,176.23, less than 1 fig. below neutral levels. Bears look for a clean breach of the 50-DMA at KRW1,176.29, which would open up Sep 23 low of KRW1,171.00. Bulls need a clearance of Oct 18 high of KRW1,189.22 before targeting Oct 12 high of KRW1,201.63.
  • South Korea's exports growth accelerated to +36.1% Y/Y in the first 20 days of October from +22.9% recorded over the same period in September. Adjusted for the number of working days, shipments rose +25.7%.
  • Elsewhere, South Korea's PPI rose 7.5% Y/Y in September after a revised 7.4% gain recorded in August.
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