MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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FOREX: USD Firmer, NZD Underperforms Post Q4 CPI

FOREX
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NZD/USD is the weakest performer in the G10 space, off nearly 0.45%, last near 0.5650/55. Other G10 currencies are all down against the USD, but losses aren't large at this stage. The USD BBDXY index is up a touch to be above 1303 in latest dealings, so still only modestly above recent lows. 

  •  NZD has underperformed as the market has digested the Q4 CPI print. NZ yields are lower, while markets are close to fully priced for a 50bps cut at the Feb policy meeting. NZ-US 2yr swap spreads are lower as well, last -75bps.
  • Earlier tariff threats from US President Trump (expanded to include China and the EU) is also likely an NZD headwind. AUD/USD is down modestly, last 0.6265. The AUD/NZD cross is up to 1.1080/85, but still under recent highs.
  • Yen and EUR are both around 0.1% weaker versus the USD. USD/CNH is up 0.20% and holding above 7.2800 (but is sub intra-session highs from Tuesday).
  • In the cross asset space, US yields have ticked up, while US equity futures are higher, led by tech, aided by earlier plans announced by President Trump and key tech executives on AI investment plans for the US. China and Hong Kong equities are weaker though.
  • There is little in the way of further risk events for today's Asia Pac session. 
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NZD/USD is the weakest performer in the G10 space, off nearly 0.45%, last near 0.5650/55. Other G10 currencies are all down against the USD, but losses aren't large at this stage. The USD BBDXY index is up a touch to be above 1303 in latest dealings, so still only modestly above recent lows. 

  •  NZD has underperformed as the market has digested the Q4 CPI print. NZ yields are lower, while markets are close to fully priced for a 50bps cut at the Feb policy meeting. NZ-US 2yr swap spreads are lower as well, last -75bps.
  • Earlier tariff threats from US President Trump (expanded to include China and the EU) is also likely an NZD headwind. AUD/USD is down modestly, last 0.6265. The AUD/NZD cross is up to 1.1080/85, but still under recent highs.
  • Yen and EUR are both around 0.1% weaker versus the USD. USD/CNH is up 0.20% and holding above 7.2800 (but is sub intra-session highs from Tuesday).
  • In the cross asset space, US yields have ticked up, while US equity futures are higher, led by tech, aided by earlier plans announced by President Trump and key tech executives on AI investment plans for the US. China and Hong Kong equities are weaker though.
  • There is little in the way of further risk events for today's Asia Pac session.