MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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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AUD/EUR: Pressured On Wednesday, ECB On Tap

AUD

AUD/EUR extended post Australian CPI losses in yesterday's European session as the AUD was the weakest performer in the G-10 space at the margins.

  • The pair fell ~0.7% unwinding the majority of recent gains and last prints a touch below the €0.61 handle.
  • On the downside bears look to break below the low from June 28 (€0.6041) which opens up year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
  • Bulls look to target July 15 high (€0.6159), a break through here opens the high from 20 June (€0.6227) and the 200-Day EMA (€0.6270).
  • The highlight of today's docket is the latest monetary policy decision and press conference from the ECB. A hike of 25bps is expected with any forward guidance in the press conference or statement likely to be the main focus.
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