MNI China Daily Summary: Monday, February 10

MNI BRIEF: PBOC'S Zou Promoted To Vice Governor Role

MNI BRIEF: China Steel To See Limited Impact From U.S. Tariffs

MNI: China CFETS Yuan Index Down 0.15% In Week of Feb 7

MNI: PBOC Net Drains CNY234 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1707 Mon; -1.31% Y/Y

MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y

MNI: NORWAY JAN CPI +0.2% M/M, +2.3% Y/Y

MNI: US DEC CONSUMER CREDIT +$40.8B

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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CANADA: USDCAD Slides and Can-US 2Y Diff Climbs On Later Tariffs Date

CANADA
CanadaBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • As noted, USDCAD slides on the back of Reuters reports re Trump announcing tariffs on Canada to begin on Mar 1 (had previously said would be announced Feb 1) along with potentially notable exemptions.
  • However, at ~1.4410, it’s only ~10 pips below where it was yesterday before surging to 1.4595 on headlines that Trump would press ahead with 25% tariffs.
  • Can-US 2Y yield differentials have stepped 6bps higher on it, reversing the day’s drop for now at -148bps having been as low as -156bp today (easily fresh multi-decade lows). They were -144bp pre-Trump headlines yesterday.
  • There is clearly the risk that this is denied by Trump in due course.
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Source: Bloomberg
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  • As noted, USDCAD slides on the back of Reuters reports re Trump announcing tariffs on Canada to begin on Mar 1 (had previously said would be announced Feb 1) along with potentially notable exemptions.
  • However, at ~1.4410, it’s only ~10 pips below where it was yesterday before surging to 1.4595 on headlines that Trump would press ahead with 25% tariffs.
  • Can-US 2Y yield differentials have stepped 6bps higher on it, reversing the day’s drop for now at -148bps having been as low as -156bp today (easily fresh multi-decade lows). They were -144bp pre-Trump headlines yesterday.
  • There is clearly the risk that this is denied by Trump in due course.
image
Source: Bloomberg