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: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

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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Zloty Back To Neutral After Unemployment Data

PLN

EUR/PLN has unwound its earlier uptick after the release of local unemployment data, despite little deviation from analyst estimates. The jobless rate increased to 5.5% last month, in line with the consensus call, while quarterly ILO unemployment printed at 2.9%, missing the 3.0% median forecast by a razor-thin margin. The move in EUR/PLN was facilitated, but not perfectly synchronised with, EUR/USD sales.

  • When this is being typed, EUR/PLN trades -10 pips at PLN4.7505, with the rate still locked within yesterday's range. Bears look to force their way through Feb 8 low of PLN4.7217. On the topside, the focus is on the 61.8% retracement of the Sep 30 - Dec 26 sell-off/Feb 14 high at PLN4.7945/87.
  • POLGB curve has bear flattened, with yields running 2.9-7.5bp higher. The WIG20 index has snapped a five-day losing streak and sits ~1% higher on the session.
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