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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Still Flying

NZD

NZD/USD extended its bullish run Wednesday to six days in a row, as broader risk tone remained positive. The rate punched through the $0.7200 figure and printed levels last seen more than four months ago.

  • The pair sits at $0.7199 at typing, just 3 pips shy of neutral levels. The next layer of resistance is located at $0.7213, which represents Jun 10 high & 61.8% retracement of the Feb - Aug 2021 sell-off. Above there opens Jun 7 high of $0.7243. Bears look for a pullback under Sep 3 high of $0.7170 towards the 200-DMA at $0.7101.
  • New Zealand reached in-principle agreement to sign a post-Brexit free trade deal with the UK. The deal will remove 97% of tariffs on exports to the UK once it takes effect, while remaining levies will be removed gradually over 15 years. It is expected to boost New Zealand's GDP by NZ$970mn a year. Work on the FTA should be completed next year.
  • Participants look ahead to the release of New Zealand's credit card spending data later today.
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