MNI China Daily Summary: Thursday, July 25

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: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

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

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BRL, CLP Extending Losses

LATAM FX
  • Despite the lower US yields, strength in the greenback pulls the Bloomberg dollar index up 0.4% on the day.
  • - Specific weakness in Latam FX extending, as USDBRL (+1.56%) breaks above noted resistance level at 5.1386. Worth noting the close proximity to the 50-day MA at 5.1737 before the May lows may act as some pivot resistance around 5.20.
  • - USDCLP just printed a high at 743.91, just shy of noted level at 744.10, 61.8% of the Jun 22 - 30 sell-off. A very busy data schedule ahead for Chile, with trade balance, reserves and nominal wage data tomorrow ahead of the Fed minutes, before local June CPI is published on Thursday. The annual headline is expected to pick up to 4.1% versus a prior reading of 3.6%. For reference, the Chilean central bank next meeting is set for the 14th July.
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