MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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AUDUSD Range Trading, A$ Stronger Versus Europe

AUD

AUDUSD range traded on Monday and is currently around 0.1% higher at 0.6738. It reached a high of 0.6756 during the European session but couldn’t sustain breaks above 0.6750. The USD index rose 0.3% helped by weak European PMI data.

  • AUDUSD has fallen through both the 20- and 50-day EMAs and is in a bearish cycle. Initial support is at 0.6712 but key support is 0.6596, the June 29 low. Initial resistance is 0.6788 with the key bull trigger at 0.6900.
  • Aussie is down 0.5% versus the kiwi at 1.0857 and close to the intraday low. AUDJPY is 0.1% lower at 95.30 but well off the low of 94.88. But AUDEUR rose 0.7% to 0.6089 as PMI data weighed on the euro. AUDGBP is up 0.4% to 0.5255.
  • Equity markets were mixed with the S&P up 0.4% but the Eurostoxx down 0.2%. Oil prices were over 2% higher with WTI finishing at $78.92. It has started the session lower at $78.74. Copper rose 0.8% and iron ore is $113.50-$114/t.
  • Today the RBA’s Connolly and Thompson, Head and Deputy Head of Payments Policy, appear before the Senate Committee on Digital Assets. There is no data with the focus now on Wednesday’s Q2 CPI.
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