MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Baht Aided By USD Pull Back, BoT In Focus Later

THB

USD/THB gaped lower at the open, getting to lows of 35.45, but there hasn't been much follow through as markets await the BoT meeting outcome later. The pair was last near 35.49, still around 0.50% stronger in baht terms for the session largely thanks to weaker USD trends more broadly.

  • For USD/THB, the 20-day EMA isn't too far from current spot levels (last around 35.42). The 200-day sits further south at 35.24. On the topside, recent highs rest at 35.83.
  • The upcoming BoT meeting will be eyed both for the outcome (no change is expected from us or the consensus) and the BoT tone and forecast outlook (see our full preview here).
  • A surprise cut or a dovish outcome may weigh on THB all else equal.
  • Elsewhere local equities are maintaining a positive tone, albeit still off earlier YTD highs. Yesterday, local investors added $101.6mn to local stocks, although there were -$176.6mn in bond outflows.
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