MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Knee-Jerks Higher On French Election Result

EUR

The Eurozone's common currency has given away the bulk of its initial gains registered after French presidential exit polls suggested that Emmanuel Macron defeated his right-wing opponent Marine Le Pen, clearing a key regional political risk.

  • While opinion polls showed Macron was the front-runner, the prospect of a political shockwave that could hit European politics in the case of Le Pen's win kept markets on edge.
  • EUR/USD trades at $0.1.0805, up 15 pips on the day, after topping out at $1.0851. Bulls set their sights on Apr 21 high of $1.0936, while bears keep an eye on Apr 14 low of $1.0758.
  • EUR/JPY has added 28 pips amid renewed yen weakness and last deals at Y139.06. The high print of Apr 21 at Y140.00 provides the initial topside target, while bears look for a pullback towards Mar 28 high of Y137.53.
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