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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CHF Slides as Inflation Slows Faster Than Forecast

FOREX
  • Swiss CPI data has been the most moving release of the morning, showing inflationary pressure slowing faster than expected in March. This puts CPI further below the SNB's inflation target and helps justify the last SNB rate cut - and potentially more monetary easing to come. EUR/CHF surged in response, rallying to clear the late March highs as well as key resistance and the bull trigger of 0.9842.
  • The spot rally puts the cross back into technical overbought territory, with the 14-day RSI rivalling levels seen before the corrective pullback off the March 27th high. CHF is comfortably the poorest performer in G10.
  • On the strong side, AUD and NZD trade well, with both currencies higher against most others. AUD/USD's break of the resistance at the 50-day EMA yesterday has aided further gains today - butting the pair just below the next upside level at 0.6602.
  • The USD Index is lower for a third consecutive session, but nearby support remains unchallenged at 103.905. Above this mark, the underlying upside bias remains after the formation of a golden cross in DMA space in mid-March.
  • Focus ahead turns to weekly jobless claims data and the February US trade balance. ECB accounts are also set for release on top of appearances from Fed's Harker, Barkin, Goolsbee, Mester and Kashkari.
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