MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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: US MAR PERSONAL INCOME +0.5%; NOM PCE +0.8%

MNI Eurozone Inflation Preview – April 2024

Labour Market Continues Firming Despite Headline Unemployment Uptick

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 Slips In Early Trade, Kishida To Speak In Parliament

JPY

USD/JPY trades at Y144.86, a dozen pips higher as we type, with participants awaiting Japan's Tankan Survey, insights on the BoJ's most recent monetary policy meeting and PM Kishida's policy speech.

  • Buying pressure has been capped by Y145.00 since Japanese intervened in FX markets on Sep 22 when the pair breached that figure. Heightened intervention risk may help weaken appreciation pressure, should it materialise afresh.
  • U.S./Japan yield spreads continued to widen last Friday. 2-Year differential increased 9.2bp, while 10-Year gap rose 5.4b.
  • The Nikkei 225 futures point to a weaker open after Wall Street benchmarks softened on Friday.
  • Bulls look to mount a challenge to the Y145.00 figure before setting their sights on Sep 22 high/2.764 proj of the Aug 2 - 8 - 11 price swing at Y145.90/146.03. Bears look for losses past Sep 22 low of Y140.36.
  • Looking ahead, the latest set of Tokyo CPI readings is due Tuesday, BoJ Gov Kuroda speaks Thursday, while earnings/spending data will hit Friday.
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