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

May Trade Balance Weaker Than Expected From Gold Volatility

MNI: US MAY TRADE GAP -$75.1B VS APR -$74.5B

MNI: US JOBLESS CLAIMS +4K TO 238K IN JUN 29 WK

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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AUDUSD Holding Above 64c, Retail Sales Coming Up

AUD

Aussie is down slightly versus the greenback at 0.6410. There was some volatility around Fed Chairman Powell’s comments which saw AUDUSD reach a high of 0.6440 followed by a low of 0.6381. It did spend most of Friday above 0.6400. The USD finished 0.2% higher.

  • Recent AUDUSD moves are corrective and the trend remains bearish. Firm resistance is at 0.6509, the 20-day EMA. Initial support is at 0.6365, the August 17 low and bear trigger.
  • AUDJPY is up 0.3% to 93.87, close to Friday’s high of 93.98. Aussie is 0.2% higher against kiwi at 1.0851. AUDEUR is flat at 0.5937 and AUDGBP +0.1% to 0.5095.
  • Equity markets were stronger with the S&P up 0.7% and the Euro stoxx +0.1%. VIX was lower at 15.7%. Oil prices rose over a percent with WTI closing at $80.05/bbl. LME metal prices fell 0.3% on Friday but finished the week up 1.5%. Iron ore is off Friday’s highs at $113.35/t.
  • Australian July retail sales print today and are expected to rise 0.2% m/m after falling 0.8%.
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