MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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A$ Holds Above 67c Following Strong Employment Data

AUD

AUDUSD has held onto most of it gains post the strong March labour market report and remains above the 0.6700 level. It reached a high of 0.6721 following the 53k increase in new jobs and stable unemployment rate. Before the data, AUDUSD touched a low of 0.6685. It is currently trading around 0.6708. The USD is close to flat.

  • The major Aussie crosses are also higher. AUDJPY is up 0.3% to 89.37. AUDNZD +0.2% to 1.0795 after reaching an intraday high of 1.0813, the highest since early March. AUDEUR is 0.3% higher at 0.6105 and AUDGBP +0.2% to 0.5372.
  • See Labour Market Remains Tight, Keeping Rate Hikes On Agenda for details on the stronger-than-expected employment release.
  • Equity markets in the APAC region are mixed with the Nikkei up 0.1% but the ASX down 0.3% and the Hang Seng -0.6%. The S&P e-mini is slightly higher. Brent is down 0.2% to $87.12/bbl after rising almost 2% on Wednesday. Iron ore prices are down to $115.85/t.
  • Later there is US PPI data for March and UK February output data.
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