The USD/CNY ended another violent week at 6.4756 with a gain of 0.15% as the yuan eased after mixed data. GDP printed at 6.7%. The People’s Bank of China
The USD/CNY ended another violent week at 6.4756 with a gain of 0.15% as the yuan eased after mixed data. GDP printed at 6.7%. The People’s Bank of China set the daily reference rate at 6.4908 against the US dollar on Friday, 0.026 per cent or 17 basis points weaker, the lowest daily setting since March 29 following.
China’s central bank does not want to see a big overshoot in the yuan exchange rate and believes the world’s second-largest economy is in robust shape, based on its view of first-quarter numbers.
Yi Gang, Deputy Governor at the People’s Bank of China, told a panel in Washington on the sidelines of the International Monetary Fund meetings that the yuan was near equilibrium value.
The pace of growth in China is a central concern for the world economy and first-quarter growth data will be issued on April 15. Yi said he was confident the economy would grow 6.5-7 percent this year, roughly in line with IMF forecasts.
CNBC said other data out on Friday included fixed asset investments (FAI), industrial production and retail sales.
First quarter FAI climbed 10.7 percent on-year, a touch above the 10.3 percent rise Reuters predicted. For March, retail sales surged an annual 10.5 percent, versus estimates for a 10.4 percent increase, and industrial output rose 6.8 percent on-year, better than Reuters’ 5.9 percent forecast.
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Major Economic Events for the week:
Cur. | Event | Actual | Forecast | Previous | ||||
Monday, April 18, 2016 | ||||||||
NZD | CPI (QoQ) (Q1) | 0.1% | -0.5% | |||||
Tuesday, April 19, 2016 | ||||||||
EUR | German ZEW Economic Sentiment (Apr) | 8.0 | 4.3 | |||||
USD | Building Permits (Mar) | 1.200M | 1.177M | |||||
Wednesday, April 20, 2016 | ||||||||
GBP | Average Earnings Index +Bonus (Feb) | 2.3% | 2.1% | |||||
GBP | Claimant Count Change (Mar) | -10.0K | -18.0K | |||||
USD | Existing Home Sales (Mar) | 5.29M | 5.08M | |||||
USD | Crude Oil Inventories | 6.634M | ||||||
Thursday, April 21, 2016 | ||||||||
GBP | Retail Sales (MoM) (Mar) | -0.2% | -0.4% | |||||
EUR | Interest Rate Decision (Apr) | |||||||
USD | Philadelphia Fed Manufacturing Index | 8.0 | 12.4 | |||||
Friday, April 22, 2016 | ||||||||
EUR | German Manufacturing PMI (Apr) | 51.0 | 50.7 | |||||
CAD | Core CPI (MoM) (Mar) | 0.3% | 0.5% | |||||
CAD | Core Retail Sales (MoM) (Feb) | -0.5% | 1.2% |
Government Bond Auctions
Date Time Country Auction
Apr 18 11:00 Belgium Holds OLO auction
Apr 18 13:00 Norway Details of bond auction on Apr 20
Apr 20 11:05 Norway Holds bond auction
Apr 20 11:30 Germany Eur 4bn 0.5% Feb 2026 Bund
Apr 20 17:20 Italy Details of BTP€i auction
Apr 20 17:20 Sweden Details of bond auction on Apr 27
Apr 21 10:30 Spain Holds bond auction
Apr 21 11:03 Sweden Holds I/L bond auction
Apr 21 11:50 France Holds bond auction
Apr 21 19:00 US Holds 5-year TIPS auction
Apr 22 17:20 Italy Announces details bond auction