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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Dollar Dominance Expected To Remain In Short-Term (RTRS Poll)

USD
"The U.S. dollar will remain strong for at least the next three months due to aggressive Federal Reserve interest rate rise expectations and safe-haven appeal stemming from global recession fears, a Reuters poll of foreign exchange analysts showed."
  • "The recent sell-off in risk assets and bond markets is also playing into a broad dollar rally against nearly every other currency, to levels not seen in two decades. Analysts say there is no good reason to expect it to stall yet.
  • Already up a hefty 7% last year, the dollar has soared another 12% this year, consistently exceeding nearly every forecaster's expectations on how long its winning streak would last."
  • "A three-quarters majority of analysts, 37 of 48, in a separate question from the July 1-6 Reuters FX poll expect that trend to continue for at least another three months."
  • Of those, 19 said three to six months, 10 said six to 12 months, four said at least a year and four said at least two years. Only 11 respondents said less than three months."
  • "Yet despite near-term strength, the median forecast from the latest poll of nearly 70 analysts doggedly clings to a long-held view that the dollar will weaken in the coming 12 months, despite the euro now trading at its weakest in two decades."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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