MNI China Daily Summary: Thursday, April 11

MNI BRIEF: EU Risks Damaging Trust With China - MOFCOM

MNI BRIEF: China Small Lenders To Cut Deposit Rates Further

MNI BRIEF: China’s Hainan To Launch “Tourist Wallet”

MNI BRIEF: China March CPI Lower Than Market Expectation

MNI: PBOC Injects Net CNY2 Bln Via OMO Thurs; Rates Unchanged

March CPI Preview – Key To Unlocking A May Riksbank Cut

EZ/UK Bond Supply Calendar: Slovakia Auction, BoE APF on Monday

Indeed.com Tracker Shows Broad-Based Moderation in March / Q1

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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Sterling Finds Poise In Morning Asia Trade

FOREX

The U.S. dollar trades on the back foot as Thursday's rally ran out of steam in the interim between the Fed's latest monetary policy decision and the upcoming round of nonfarm payrolls data. The jobs report will be closely watched for hints on how the Fed's tightening trajectory may evolve, after Chair Powell said the terminal rate level may be higher than expected.

  • Sterling has edged higher in early Tokyo trade after cable found a base at $1.1150, which allows the currency to outperform in G10 FX space. It came under pressure Thursday as the BoE delivered a 75bp hike while playing down terminal rate pricing and pointing to a bleak economic outlook.
  • The Aussie dollar has shown muted reaction to the RBA SoMP and Q3 real retail sales data. The latter release showed smaller growth than expected, with retail sales printing at +0.2% Q/Q versus +0.4% expected.
  • Outside of the U.S. NFP report, focus turns to Canadian jobs data, German factory orders, as well as comments from ECB's Lagarde, Nagel & de Guindos, BoE's Pill & Fed's Collins.
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