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

MNI China Daily Summary: Wednesday, July 24

France Manufacturing Sentiment Lowest Since Dec 2020

MNI: FRANCE JUL MANUF SENTIMENT AT 95

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

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Antipodeans Top Of The Pile

FOREX
  • Early risk on flows have dominated price action in Asia, as the greenback holds near closing levels after slipping as US President Biden's inauguration passed without any hiccups.
  • NZD has caught a bid after Westpac changed their RBNZ call and said that they no longer expect any changes to the OCR in the foreseeable future, while the latest BNZ/SEEK report pointed to a continued, "creditable" recovery in NZ job advertising. NZD/USD has added 17 pips thus far and last sits at 0.7190 trading through Wednesday's highs. The kiwi is the best G10 performer in early Asia-Pac trade.
  • AUD is not far behind, last up 16 pips at 0.7764, matching session highs in the wake of labour market data which showed the economy added 50k jobs and the unemployment rate fell more than expected to 6.6%.
  • JPY pairs steady ahead of the BoJ monetary policy announcement later in the session. Last trades at 103.53. Data earlier in the session showed Japan's exports gained in December for the first time in just over 2 years, boosted by shipments to China.
  • PBOC fixed USD/CNY at 6.4696 and injected CNY 248bn, another day of large injections ahead of scheduled tax payments and Lunar New Year. USD/CNH is lower, some of this can be attributed to a weaker USD, but some CNH strength has stemmed from China's decision to sanction outgoing secretary of state Mike Pompeo and 27 other officials from the Trump administration.
  • GBP/USD is 25 pips higher at 1.3678, The Times reported that UK residents may face entry bans under a proposed German plan.
  • USD/CAD has extended losses, last down 21 pips at 1.2615. Alberta Premier Kenney was on the wires earlier condemning Biden's plan to scrap the Keystone XL pipeline expansion, and saying Canada should consider sanctions.
  • Looking ahead markets await rate announcements from the BoJ and ECB.
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