CNH: USD/CNY Fixing at 7.1668
The USD/CNY fix printed at 7.1668, versus a Bloomberg market consensus of 7.1745. * Today's fixing ...
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CHINA SETS YUAN CENTRAL PARITY AT 7.1833 MON VS 7.1919
- CHINA SETS YUAN CENTRAL PARITY AT 7.1833 MON VS 7.1919
FOREX: Mixed CFTC Trends, CAD Shorts Dominate, JPY Longs Added Too
In terms of leveraged investors in the FX space, CFTC data showed mixed trends. Yen longs were added too, bringing the outright long to over 30k, see the table below. This is the highest net longs since 2019 for this segment. Elsewhere though the bias was in favor of the USD. EUR net shorts were built by close to 8k, while shorts against the AUD and NZD were added to, same applied to CAD. CAD outright shorts of just over -40k are the largest for the leveraged investor base.
- In the asset manager or real money segment, it was similar trend. CAD shorts were added too, with over -14k in fresh shorts. AUD shorts were also added too by over 6k.
- For the majors, there was little net change in weekly positioning. EUR and JPY longs continue to dominate.
Table 1: CTCF Positioning By Currency & Investor Type
| Leveraged Contracts | Asset manager Contracts | |||
| Weekly Change | Outright Position | Weekly Change | Outright Position | |
| JPY | 6029 | 30770 | 728 | 111647 |
| EUR | -7790 | -13104 | -681 | 335187 |
| GBP | 139 | 37110 | -899 | -6809 |
| AUD | -2514 | -8067 | -6383 | -34282 |
| NZD | -4335 | -7867 | 269 | -19888 |
| CAD | -3895 | -40091 | -14381 | -82468 |
| CHF | 2035 | 1137 | -1943 | -26953 |
| MXN | -3814 | -5497 | 3080 | 30189 |
Source: MNI - Market News/Bloomberg
AUSTRALIA: April Headline CPI Forecast To Moderate Slightly
The focus of the week is likely to be Wednesday’s April CPI which is forecast to moderate to2.3% y/y from 2.4%. The trimmed mean has been around 2.7% y/y for four consecutive months. There will be limited updates to the services components being the first month of the quarter. Some of the components of Q1 GDP are also released this week.
- Q1 construction is out on Wednesday and Bloomberg consensus expects it to rise in line with Q4 at +0.5% q/q. Private capex prints on Thursday and is forecast to rise 0.5% q/q after falling 0.2% in Q4.
- April retail sales print on Friday and are projected to rise 0.3% m/m after increasing the same amount in March. The series will be replaced by household consumption in July. The April data are out on June 5. The RBA noted this month that consumption growth has been slower than expected.
- Building approvals for April are also released on Friday and expected to rise 3.0% m/m after falling 8.8% in March. Private house approvals were down 4.5% m/m the previous month.
- The RBA’s private sector credit series for April are out Friday and consensus expects another 0.5% m/m increase.
- RBA Governor Bullock visits the bank’s China office this week.
