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MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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AUD/USD Touches New Pullback Low on Soft Jobs Release

FOREX
  • The USD is furtively stronger early Thursday, with FX volumes data showing a slight pick up in participation relative to quieter Wednesday trade. Activity is led by Antipodean currencies after the jobs data overnight, with Australian employment change and the unemployment rate coming in below expectations, denting the currency and putting AUD/USD at a new 2023 low of 0.6365.
  • GBP also saw some order-based price action, with a spike in volumes through a quiet morning putting the pair at new daily lows just ahead of the NY crossover. With news and data flow light, attention turned to a sizeable uptick in volumes, with trade amounting to $121mln across futures pressuring spot prices.
  • JPY is outperforming, aided by modest weakness across European cash equity markets as well as the verbal interjection from finance minister Suzuki earlier in the week. Nonetheless, USD/JPY managed to touch a fresh cycle high in Asia-Pac trade, touching Y146.56 before fading.
  • Lastly, the Norges Bank rate decision came in alongside expectations, with the bank raising the policy rate by 25bps to 4.00% and flagging the September meeting as the next most likely hike. Markets remain on watch for whether the September rate rise could mark the peak in the policy cycle.
  • Weekly US jobless claims data crosses later Thursday, with leading index for July set to follow. There are no notable central bank speakers due.
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