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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Can't Hold Above 0.6400

AUD

AUD/USD sits at 0.6385/90 in recent dealings. This is a touch below session lows of 0.6382. We are sub Tuesday lows, but focus will be on whether we can move into the 0.6350/60 region, which has signified recent lows. Earlier highs were close to 0.6410.

  • Fresh downside in AUD/USD has coincided with HK and China equities moving off earlier highs. Property concerns remain in China markets, with Bloomberg headlines crossing that the Evergrande Chair is being monitored by the police, which has likely added some caution.
  • This has tempered earlier optimism when PBoC headlines crossed around policy support and keeping CNY stable. AUD/USD hit session highs not long after these headlines.
  • Iron ore is still up from recent lows, last near $115.60/ton.
  • The August CPI print locally was as expected at 5.2% y/y. This is a tick up from July reading, but core measures were either stable in y/y terms or eased further.
  • The AU-US 10yr government bond yield spread is unchanged around -15bps, but have tightened on a 2yr basis, back close to -100bps.
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