MNI China Daily Summary: Wednesday, April 3

MNI BRIEF: Japan Q4 Output Gap Posts Positive Figure - BOJ

MNI: PBOC Drains Net CNY248 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0949 Weds; -4.77% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0949 WEDS VS 7.0957

Services HICP At 4.0% Y/Y For 5th Consecutive Month

MNI: EUROZONE FEB UNEMPLOYMENT RATE 6.5%

MNI: EUROZONE MAR FLASH HICP +2.4% 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/TRY Probes 15.50 as Current Acc Data Provides a Reminder of Stark Trade/Policy Imbalances

TURKEY
  • USD/TRY trades +0.12% higher this morning, probing 15.50 with early risk sentiment faltering slightly.
  • Current account data came in slightly better than expected, but continues to reflect the widening gap between imports and exports as a result of the Ukraine crisis.
  • This gap should continue to exert pressure on TRY in the medium-term with the CBRT unwilling to address policy imbalances.
  • Over the weekend, Turkey continued its strategic bargaining amid the Ukraine crisis, seeking security guarantees from Sweden & Finland in exchange for supporting their NATO bid.
  • This is the delicate balance Turkey continues to walk between Russia and the West, which has so far been largely beneficial for Turkey during the crisis.
  • USD/TRY should continue to grind higher over the medium-term with the CBRT’s constrained reserves position providing little buffer against the growing headwinds. Intraday Sup1: 15.4541, Sup2: 15.3883, Res1: 15.56, 15.61
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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