MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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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Defensive Flows Take Hold, USD/JPY Operates Above Y150

FOREX

Safe-haven currencies have lured participants in early Asia-Pac trade as e-minis remain heavy, penetrating yesterday's lows this morning. The news that the White House might be considering fresh export controls to limit China's access to quantum computing and AI technology provided another headwind for risk assets.

  • The BBDXY index has firmed at the margin, despite light bull-steepening in U.S. Tsy yield curve. The yen fares almost equally well, amid preference for safer currencies. Spot USD/JPY holds above the psychological Y150 figure. Japanese officials reaffirmed their stance on FX matters, with FinMin Suzuki noting that officials are "firmly confronting" FX speculators in the market now.
  • Japan's core CPI quickened to +3.0% Y/Y in September, the fastest pace since 1991, if one excludes the impact of sales tax hikes. This comes ahead of next Friday's BoJ monetary policy meeting, which sends USD/JPY 1-week implied volatility rallying to one-month highs.
  • The Antipodeans are on the defensive, while the NOK is the worst G10 performer. Rate-hike pricing for the next RBNZ meeting is well off this week's highs, with swaps last pricing ~76bp worth of tightening in November.
  • Focus turns to UK retail sales, as well as comments from NY Fed Pres Williams and Chicago Fed Pres Evans.
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