MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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AUDUSD Higher Post US CPI, Bull Cycle Intact

AUD

The Aussie underperformed the G10, except the yen, despite the improvement in risk sentiment following the close-to-expected US CPI data, but still finished higher. AUDUSD rose 0.2% to around 0.6767, off the post-CPI high of 0.6807. The USD index fell 0.3%.

  • The AUDUSD bull cycle remains in place, as the pair appreciates. The move above 0.6733 reinforces this trend and signals cope for extension towards 0.6818, the May 10 high and key resistance. Initial support is at 0.6693, the June 9 low.
  • AUDJPY is up 0.7% to 94.88. AUDNZD fell 0.3% and broke through 1.10 and is now 1.0999. Aussie is down 0.6% versus the pound to 0.5366 and -0.1% against the euro to 0.6271.
  • Equity markets rallied with both the S&P and Eurostoxx +0.7%. The VIX fell to 14.6%. Oil is higher after a few very weak sessions and WTI is up 3.1% to $69.23/bbl. Copper is +2.0% and iron ore around $112/t.
  • There is little today in Australia ahead of the Fed meeting. Overseas arrivals for April print, which may get some attention given RBA talk of strong population growth and the pressure it is putting on the housing market.
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