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MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

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MNI China Daily Summary: Thursday, March 28

Japan Feb Retail Sales +4.6% Y/Y

Japan Feb Ind. Output -0.1% M/M; Shipments -0.4% M/M

Japan Tokyo Mar Core CPI +2.6% Y/Y

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Banxico Rate Decision, Industrial Output Close To Estimates

MEXICO
  • In line with broad US dollar weakness following yesterday’s data, USDMXN has continued to trade with a heavy tone. Firmer equity indices have bolstered the Peso strength which saw USDMXN print fresh recent lows of 19.9134 late on Wednesday.
    • Technically the pair has cleared support at 20.2080, the Jul 29 low suggesting an initial move to 19.8193 next, the Jun 27 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial resistance is at 20.5004, the Aug 4 high.
  • Data just released:
    • June Industrial Production rises 0.1% m/m; est. -0.1% (BBG)
    • June Industrial Production rises 3.8% y/y; est. +3.9% (BBG)
    • June Mfg Production rises 5.1% y/y; est. +5.0% (BBG)
  • The central bank board is unanimously expected to raise the overnight target rate by 75bps from 7.75 to 8.50% at the August meeting.
  • Ongoing pressures to headline and core inflation, rising inflation expectations and the Fed’s most recent monetary policy action all warrant a continuation of the aggressive pace of tightening.
  • Focus will be on any signals within the statement regarding the depth of the current cycle and whether a hike of the same magnitude can be expected in September.
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