MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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/JPY Gets To 137.00 Before Retracing Sharply

JPY

USD/JPY was volatile post the Asia close, moving above 136.90, before retracing sharply. Late in NY trade the pair his a low of 135.70/75. We have recovered somewhat now, last near the 136.15/20 region. This left Yen basically unchanged for Tuesday's session and outperforming broader G10 moves, which saw USD support emerge into month end (which was consistent with what model estimates were predicting).

  • US business survey data was softer, with the MNI Chicago PMI slipping, along with the Richmond Fed index. This didn't impact US yields a great deal though, which were still higher, although more so at the front end.
  • The US-JP 10yr swap spread re-widened to +283.5bps, close to last week's highs. We did see a weaker equity backdrop, which may have aided yen from a cross standpoint into month end.
  • The Japan data calendar just has the Jibun Feb manufacturing PMI on tap today. There is no consensus, with the last outcome coming in at 47.4. Also note BoJ Board Member Nakagawa will speak at 10:30am local time (01:30BST).
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