MNI China Daily Summary: Friday, April 26

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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USD Down Slightly With US Yields, AU Jobs & BoJ Speech Don't Shift Sentiment

FOREX
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Overall G10 FX moves remain fairly muted at this stage. The BBDXY last near 1261, down slightly from end Wednesday NY levels.

  • The earlier move up in US yields, likely aided by Fed speak, has reversed, we now sit 1bps lower across the key benchmarks. This is likely providing a modest USD headwind.
  • USD/JPY is a little lower, the pair back under 154.25 in recent dealings. Some dovish remarks from BoJ board member Noguchi - "dissenting March's rate rise decision, it will take a significant amount of time for trend inflation to reach 2%, moderate economic recovery trend is stalling" (BBG), haven't impacted JPY FX sentiment.
  • AUD/USD sits near 0.6440, slightly up for the session. The March jobs report was mixed (jobs falling, but u/e rate rising less than forecast) and saw little FX reaction. Higher US equity futures and lower US yields have kept modest dips supported.
  • NZD/USD sits up from earlier lows, last near 0.5920 and unchanged for the session.
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Overall G10 FX moves remain fairly muted at this stage. The BBDXY last near 1261, down slightly from end Wednesday NY levels.

  • The earlier move up in US yields, likely aided by Fed speak, has reversed, we now sit 1bps lower across the key benchmarks. This is likely providing a modest USD headwind.
  • USD/JPY is a little lower, the pair back under 154.25 in recent dealings. Some dovish remarks from BoJ board member Noguchi - "dissenting March's rate rise decision, it will take a significant amount of time for trend inflation to reach 2%, moderate economic recovery trend is stalling" (BBG), haven't impacted JPY FX sentiment.
  • AUD/USD sits near 0.6440, slightly up for the session. The March jobs report was mixed (jobs falling, but u/e rate rising less than forecast) and saw little FX reaction. Higher US equity futures and lower US yields have kept modest dips supported.
  • NZD/USD sits up from earlier lows, last near 0.5920 and unchanged for the session.