MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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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Bounce in Equities Tips USD/JPY to New Cycle High

FOREX
  • After a more muted start to the day's trade, activity and price action picked up through the NY crossover, with a solid start for US equity markets helping tip USD/JPY to a new cycle high at 146.68. European markets and US futures got off to to a strong start, with US traders following on with strong buying evident from the off via a multi-week high reading for the NYSE Tick index at the open.
  • The modest risk-on backdrop pressured JPY to the bottom of the G10 pile, while SEK recovered alongside comments from Riksbank's Floden, who talked up the prospect of the Riksbank holding rates at high levels for an extended period, and stressed his conviction that the SEK would strengthen over time. SEK's outperformance ran counter to a poorer NOK, tipping NOK/SEK away from an early multi-week high of 1.0378.
  • Data releases pick up on Tuesday, with the release of JOLTS job openings data as well as the August consumer confidence figure. Markets expecting consumer confidence to fade by 1 point to 116.00. RBA's Bullock is set to speak as well as Fed's Barr, while the Bank of Finland hold a press conference on monetary policy.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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