MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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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Yen Cross Liquidation Post BoJ

FOREX

JPY strength has dominated post the BoJ YCC shift. USD/JPY eventually got down to a the 133.00 level, a near 3% gain in yen terms. This is fresh lows for the pair back to mid-August. We have stabilized somewhat, last around the 133.15 level, with Kuroda's press conference the focus early in London.

  • The initial impetus was for the rest of G10 to rally post the BoJ, but this quickly reversed as cross asset headwinds materialized. Equities were weaker across the board (US/EU futures down over 1%), while core yields rose. US 10yr are around 10bps higher, last tracking at 3.68%.
  • AUD/USD rose above 0.6740 post the BOJ, but is now back at 0.6630/35, 1% down for the session. This leaves AUD/JPY off by 3.66% and back to the 88.35/40 region.
  • NZD/USD was initially an underperformer relative to the A$, following poor survey data, but losses have been on par this afternoon. NZD/USD is threatening uptrend channel support, last close to 0.6300.
  • EUR/JPY is back sub 141.00, note the simple 200-day MA comes in close to 140.12.
  • Outside of Kuroda's press conference, the upcoming focus will be on German PPI, while in the US housing starts are due.
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