MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Delta Roils Risk In Asia, Oil Weakness Spills Over

FOREX

Risk sentiment soured amid the unfettered spread of the Delta variant across Asia and a negative lead from Friday's NY session. Crude oil prices fell after OPEC+ struck a deal on output boost, applying pressure to commodity-tied FX. The AUD paced declines as NSW Premier tightened and extended social restrictions in the state. AUD/USD sank under the $0.7400 mark and printed a fresh cycle trough, as it tested support from Dec 7, 2020 low of $0.7373. Meanwhile, AUD/NZD attacked its multi-month low of NZ$1.0557, but struggled to pierce that level.

  • Risk aversion generated demand for safe haven currencies, putting the yen atop the G10 scoreboard. PM Suga's approval ratings hit all-time lows as Japan enters the final stretch of its preparations to the Tokyo Olympics with Covid angst looming large. USD/JPY was happy to hold the prior trading day's range.
  • Sterling traded on a slightly softer footing, as participants assessed the risks surrounding today's lifting of Covid-19 restrictions in England.
  • USD/CNH climbed to its highest point in ten days, even as the PBOC fix was marginally stronger than expected by sell-side analysts.
  • We are off to a slow start to the week, with little of note on the global data docket. ECB's Perrazzelli and BoE's Haskel are set to make speeches.
Energy BulletsCommodities
Energy BulletsCommodities

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