MNI China Daily Summary: Thursday, October 10

MNI BRIEF: BOJ Can Afford Caution - Dep Gov Himino

MNI: GERMANY AUGUST RETAIL SALES +1.6% M/M

MNI: PBOC Net Drains CNY142 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0742 Thurs; +3.18% Y/Y

CHINA PBOC CONDUCTS CNY150 BLN VIA 7-DAY REVERSE REPOS THURS

MNI: NORWAY SEP CORE CPI +0.3% M/M, +3.1% Y/Y

MNI: NORWAY SEP CPI +0.3% M/M, +3% Y/Y

MNI: JAPAN SEPT CORP GOODS PRICE INDEX +2.8% Y/Y; AUG REV +2.6%

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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USD/INR Softer In Early Trade, Wholesale Prices Moderate, Trade Balance On Tap

INR

USD/INR is softer this morning, down ~0.2% printing at 82.30/35.

  • The pair sits a touch above the 20-Day EMA (82.34), and remains in the relatively narrow range seen since the RBI intervened last month as the pair approached the 83 handle.
  • Equity inflows from foreign investors continue, the total for March now sits at an inflow of $2.355bn putting March on track for the largest inflows since May 2020.
  • February Wholesale Prices printed at 3.85%, below the expected 4.00% moderating from 4.73% seen in January. This was the lowest print since Q1 2021. The decline in wholesale prices isn't leading to a meaningful pull back in CPI pressures though, so this is unlikely to shift RBI thinking ahead of the April policy meeting.
  • The trade balance for February is on the wires today, the Bloomberg survey shows a deficit of $19.2bn is expected, slightly wider than the $17.75bn deficit seen in January.
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