MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Data Deluge to Round Off the Week

FOREX
  • The greenback is softer to finish the final session of the week, with the dollar slipping slightly against all others in G10.
  • Scandi currencies are seeing some relief, with SEK and NOK off the week's lowest levels but still well within range of nearby support. USD/NOK touched a new cycle high Thursday of 11.0741, and markets have faded back toward the 11.00 handle ahead of the NY crossover.
  • The risk backdrop is tentatively softer, with European equities giving back some of the week's late recovery. Most major indices are in the red, helping US futures indicate a mildly lower open Friday.
  • Key US releases Friday include prelim April durable goods orders, personal income/spending and the final UMich sentiment survey for May. Markets see a staggered early close due to the US Memorial Day holiday set for Monday.
  • The central bank speaker slate is thin to round off the week, with focus remaining on any signs of progress in debt ceiling negotiations given McCarthy's pledge to work through the extended weekend.
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