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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Yen Extends Gains Thursday

JPY

Lower crude oil prices and broader reluctance to take more risk allowed USD/JPY to extend its pullback from recent cycle highs Thursday, with the pair continuing its unwind from overbought conditions. Latest developments surrounding Russia's invasion of Ukraine and resultant tensions with the West weighed on sentiment.

  • USD/JPY deals +15 pips at Y121.85 at typing as the yen has shown some weakness in early Tokyo trade. A break above Mar 30 high of Y123.20 would bring Mar 28 cycle high of Y125.09 back into focus. Bears look for sales past Mar 31 low of Y121.28 before taking aim at Mar 24 low of Y120.95.
  • Focus moves to Japan's quarterly Tankan surveys as well as the final reading of Jibun Bank M'fing PMI today.
  • Earnings/spending data (Tuesday) as well as BoP current account balance (Friday) will take focus next week.
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