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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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CEE FX Lags as EUR Weakness Pervades

CROSS ASSET
  • EUR/USD finally managed to clear congestion support this morning, slipping below 1.0942 after the level held on three prior occasions. The pair now targets support in the 1.0909/1.0894 area, the April 17 low and 50-day EMA respectively.
  • While the USD has gained against the majority of G10, JPY is seen holding ground suggesting the recent moves are at least partly a haven bid with long-end treasury yields lower also. On the other hand, regional equities trade mostly in the green.
  • In EM, euro-proxies are under pressure following weakness across the EUR. HUF, CZK and PLN are among the weakest in CEEMEA, with particular weakness seen in CZK following the big miss in CPI data. ZAR trades mixed today with recent currency weakness seen raising the odds of another hike from the SARB.
  • The BoE rate decision takes focus later today, with expectations of a 25bps hike and no change in guidance. Further out we have US PPI and Initial Jobless Claims. Fedspeak from Kashkari also crosses.
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