MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Bouncing Greenback Reverses Recent Oil Gains

COMMODITIES
  • A multi-decade high CPI print underpinned a solid USD rally into the Wednesday close, countering any support provided by a bullish set of DoE inventories data. WTI crude futures shed as much as 3% at some points of the session, putting WTI on track to test the week's lows of $81.05/bbl.
  • Weekly DoE inventories numbers may have stalled declines, with the data showing a smaller than expected build in reserves. This was compounded by Gasoline and distillates stocks, which showed an unexpected draw of 1.5 and 2.6mln bbls respectively.
  • Gold and precious metals were the main beneficiaries of the CPI release, with spot adding close to $45 to reach session highs of $1868.7. Gains faded ahead of the close, but gold still managed to print the best levels since mid-June on the initial reaction.
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