MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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A$ Outperforms, Trend Still Bearish With Gains Corrective

AUD

Aussie outperformed on Monday following strong retail sales and improved risk sentiment. AUDUSD rose 0.6% to 0.6372, close to the intraday high of 0.6384. The USD index fell 0.4% given this week’s event risk.

  • The trend outlook for AUDUSD remains bearish given it fell below 0.6286 last week and recent gains are seen as corrective. Initial resistance is at 0.6411, 50-day EMA, but clearance of 0.6522 is needed to mark a reversal. Initial support is at 0.6272.
  • AUDNZD spent most of Monday trading above 1.09 and is currently around 1.0908. It reached a high of 1.093. AUDJPY is 0.25% higher at 95.03 but down off the intraday peak of 95.53. AUDEUR is off its high of 0.6027 to be around 0.6005. AUDGBP is up 0.2% to 0.5237.
  • Equity markets rallied with the S&P up 1.2% and the Euro stoxx +0.4%. VIX trended lower to 19.75%. Oil prices were down sharply with Brent -2.9% to $86.64/bbl. Copper is 0.2% higher and iron ore is around $121/t.
  • RBA Assistant Governor Jones speaks at 1050 AEDT at the AFIA conference. Also the RBA’s credit measures print today.
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