MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Discussions To Keep Rail/Border Crossing Open With US

MEXICO
  • The data docket in Mexico remains light with just net outstanding loans tomorrow and the Dec Manufacturing PMI next Tuesday. Banxico minutes will be published on Jan 04 before the next inflation print on Jan 09. In local news, President AMLO discussed with US representatives at a meeting this week how to normalize rail and other border crossings between the two countries, speaking at a press briefing. AMLO informed press that the migrant caravan in Mexico’s south has shrunk to 1,500 people.
  • The trend outlook in USDMXN is unchanged and remains bearish. The pair has breached support at 17.0340, the Nov 27 low, reinforcing bearish conditions. The break lower confirms a resumption of the downtrend and paves the way for weakness towards 16.6262, the Jul 28 low. Initial firm resistance is not until 17.5653, the Dec 5 high.
  • CIBC have noted the break below 16.90 signals a retest of 16.75 area in the short term, however, they maintain their view the market pricing of the Fed’s easing cycle next year has overshot. Moreover, CIBC are yet to see the full set of opinions with regards to when in Q1 Banxico will start its easing cycle. In the minutes next week, CIBC would not be surprised to see some board members keeping the door open for a rate cut in February.
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