MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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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Risk-On Tone Early

FOREX

The early tone is a risk on one in FX markets, although overall moves remain fairly modest. The main theme is JPY weakness, with US equity futures tracking higher, while US yields have also spiked after re-opening.

  • USD/JPY is back close to 136.00, last at 135.95. The is around 0.25% above closing levels in NY. US equity futures have been supported by a possible US-China tariff shift, although the Nasdaq is down from best levels (+0.7% versus +1% earlier).
  • Japan's Jibun Bank services PMI was revised down a touch to 54.0 from 54.2.
  • US yields have opened higher, the 2yr to 2.92%, around +9bps above previous closing levels. This follows higher EU yields overnight.
  • AUD/USD is firmer, back up to 0.6890, right on overnight highs . NZD has shrugged off the poor NZIER business survey result and is tracking A$ moves (last at 0.6225).
  • Both currencies are up around 0.50% versus JPY.
  • EUR/USD is modestly higher, back at 1.0430, while NOK is keeping pace with AUD and NZD moves, last at 9.8300.
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