MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Better Week For Gold As USD Comes Under Pressure

GOLD

Gold prices rose on Wednesday consistent with USD weakness driven by solid PMIs in China. After rising 0.5% bullion is down 0.1% during APAC trading and moving in a narrow range. It is currently around $1834.40/oz after a high of $1838.21 and a low of $1831.18. The USD index is up 0.1%.

  • Conditions remain bearish for gold, as the US Fed’s hawkish stance is likely to continue for now. Rate cuts are not generally expected until 2024.
  • The Fed’s Waller and Kashkari are speaking later on the economic outlook and race, justice and the economy respectively. These are likely the most important upcoming events for gold. In terms of data, there are US jobless claims and final Q4 readings for unit labour costs/productivity. There is also euro area February CPI data and the ECB minutes.
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