Rates & FX Market Update
PMI
Data to Dominate Headlines; US
AAA Reaffirmed by Fitch; China
PMI Disappoints Amid Reform Focus Towards Quality Growth
Highlights
¨ US:
US Ratings reaffirmed at AAA by Fitch; Fed stress test indicated that US big
banks can withstand a deep recession
¨
Euro-zone: Eurozone current account
balance improved; Greece S&P rating affirmed; European bonds recovered some
of last week’s losses
¨
Hong Kong:
FY13 CA remained weak at
2.1% GDP; BoP surplus dwindled to 2.7% GDP; healthy auction demand for 3y &
5y EF notes
¨
China:
China
to focus on quality growth, moving away from substantial fiscal stimulus; China
Manufacturing PMI remained in contraction zone; weakness in CNY and CNH
retreated
¨
Malaysia:
Inflation accelerates at two-year high; MGS yields broadly higher on Fed’s
action
¨
Thailand:
BoT revised 2014 growth outlook; weakness in ThaiGBs continued; THB to face
depreciation pressure
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