MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Weaker Early Doors Monday As SVB Developments Eyed

USD

The USD has been offered earlier doors on Monday. Gains against the dollar have been fairly uniform, with JPY and SEK both leading the way versus NY closing levels from Friday. USD/JPY is down to 134.35/40 around 0.50% firmer in yen terms. USD/SEK is back to 10.6300/50 (-0.70%). AUD/USD is back above 0.6600, +0.40% higher, while EUR/USD is in the 1.0680/85 region currently (+0.40%). NZD/USD is +0.20% to 0.6140/45.

  • The weekend focus was on the SVB situation. It remains a fluid process and headlines continue to filter out. Among the developments, the Fed is reportedly discussing easing access to the discount window for banks to supporting funding requirements, while the US is also reportedly weighing protecting all deposits at the bank according to the Washington Post.
  • Developments that are seen as containing the fallout of the SVB collapse, driving a smooth resolution etc will be supportive of risk appetite and could weigh on USD demand, all else equal.
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