MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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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Dollar Clawing Back Small Portion of Losses

FOREX
  • The greenback trades toward the top-end of the G10 table so far Friday, with the dollar inching higher against most others. This reverses a small part of the Thursday weakness, dragging EUR/USD off the 1.1692 highs to trade either side of the 1.1650 level ahead of NY hours.
  • Equity indices generally trade lower, with European markets off 0.5-0.8%. This has worked in favour of CHF which puts USD/CHF at fresh multi-month lows. This keeps focus on the 0.9100 handle, with EUR/CHF adding downside pressure. EUR/CHF has traded through the lows printed earlier in the week, putting the cross in close proximity to the 1.0607 level printed in July 2020.
  • NOK, NZD and SEK are the poorest performers, with the greenback, CHF and CAD among the strongest so far.
  • The US personal income/spending and PCE data later today takes focus, with PCE deflator seen inching higher to 4.4% for the Y/Y reading. MNI Chicago PMI crosses shortly afterwards, with markets seeing a moderation to 63.5. Canadian GDP and a joint meeting between G20 finance and health ministers are also due.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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