MNI China Daily Summary: Tuesday, May 21

MNI BRIEF: RBA Board Concerned Staff Forecasts Too Optimistic

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

MNI: PBOC Sets Yuan Parity Higher At 7.1069 Tues; -2.80% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1069 TUES VS 7.1042

MNI: UK MAY CBI INDUSTRIAL TRENDS TOTAL ORDERS -33

MNI: EUROZONE MAR CONSTRUCTION OUTPUT +0.1% M/M, +0.1% Y/Y

MNI: EUROZONE MAR CONSTRUCTION OUTPUT +0.1% M/M, +0.1% Y/Y

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 last trades at Y111.65, almost...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY last trades at Y111.65, almost unch. on the day, after
adding 17 pips on Thursday. The pair registered its Asia high of Y111.52
pre-Tokyo fix, before ebbing lower in to the European morning. The London & NY
sessions saw the rate advance and top out at Y111.68 just ahead of the close,
with a strong U.S. jobless claims report likely aiding the move.
- Bulls target the Mar 15/06 high of Y111.90/92 and a break above would shift
their focus to the Mar 5 YTD high of Y112.14. On the downside, the initial layer
of support is provided by the 200-DMA at Y111.49, breached yesterday. Below here
opens Wednesday's low of Y111.21.
- Japanese focus today turns to domestic household spending, due at the bottom
of the hour, and labour/real cash earnings, due at the top of the hour.
Highlights of the next week include BoP data due Monday, PPI & core machine
orders due Wednesday, as well as the usual BoJ Rinban ops. BoJ Gov Kuroda will
speak on Monday & Wednesday.
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