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 UK Inflation and Labour Market Insight: April 2024 Release

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

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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USD Finds Support In Early Trade

FOREX

After opening up slightly softer, the USD has regained its footing in the first part of trading today. Sentiment has been supported following comments by Fed Governor Waller. The Governor noted the last CPI report was just one data point, while also noting rates will not come down until there is clear, strong evidence inflation is falling (echoing the higher for longer theme). The market should also focus on the end point for rates, not meeting to meeting outcomes.

  • USD/JPY is up to 139.80, around 0.70% above NY closing levels. The high was near 140.00. EUR/USD is down around 0.30% to 1.0315/20.
  • AUD and NZD have tried to push higher in the earlier part of trading, following details of meaningful support for the China property sector were released.
  • However, both pairs have turned lower, to be around 0.40% down on closing levels last week. AUD/USD was last around 0.6675, NZD/USD 0.6075/80.
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