Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
The mood music turned optimistic after Chinese state media reported that Evergrande had paid a missed coupon on its Mar '22 dollar bond. The real-estate giant wired the payment just days ahead of the expiration of a 30-day grace period and thus averted a formal default. The news was received with a sigh of relief, even as the payment does not solve the firm's longer-term troubles.
- Spot USD/CNH went offered in response to headlines surrounding the Evergrande situation but quickly recouped losses. The rate oscillates around neutral levels as we type.
- Antipodean currencies led commodity-tied FX higher but trimmed gains thereafter. AUD/USD and NZD/USD remained within the confines of their Thursday ranges.
- For the record, the RBA stepped in to defend its yield target for the first time since Feb but the Aussie dollar was unfazed.
- JPY underperformed at the margin amid limited demand for safe haven currencies. Japan's core CPI rose for the first time in 18 months, albeit its growth rate registered at a modest level of +0.1% Y/Y. Still, BBG noted that core inflation would be closer to +1.4% Y/Y if the impact of trimmed mobile phone fees was discounted.
- PMI reports from across the globe take focus from here alongside UK & Canadian retail sales data. Speeches are due from Fed's Powell, Williams & Daly, ECB's Villeroy & Riksbank's Ohlsson.