MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI: ITALY MAR FLASH HICP +1.2% M/M, +1.3% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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USD/JPY Rises On Japanese Holiday

JPY

USD/JPY popped higher Thursday in a holiday-thinned trade, as a number of Asian markets (including Japan) were closed. The move occurred after the rate charted a Doji candlestick the prior day, pointing to a fierce battle between bulls and bears. The yen was the worst G10 performer on the day.

  • Per NHK, Japanese Health Ministry panel is poised to approve the Pfizer Covid-19 vaccine as soon as today. A separate Kyodo piece suggested that the formal approval could come on Sunday.
  • Japan is back from holidays and USD/JPY last changes hands at Y104.78, just above neutral levels. Bulls look to take out Feb 9 high of Y105.26 before targeting Feb 5 high at Y105.77, a key near-term resistance. Bears need a dip through the 100-DMA/trendline support at Y104.38/34 before taking aim at Y103.57.
  • Japanese highlights next week include GDP data & final industrial output (Monday), trade balance & core machine orders (Wednesday) as well as final Jibun Bank PMIs & national CPI (Friday).
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