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

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

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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Econ Min Hartarto Sees Indonesia's 2021 GDP Growth At +4.0% Y/Y

IDR

Spot USD/IDR trades +22 figs at IDR14,259 as we type, with bulls looking for a break above Nov 11 high of IDR14,305. Such a move would shift focus to Nov 5 high of IDR14,390. Conversely, bears look for a fall through Nov 19 low of IDR14,210 towards Nov 15 low of IDR14,190. Worth noting that bears are pleased to see that the 100-DMA has crossed below the 200-DMA.

  • USD/IDR 1-month NDF last -16 figs at IDR14,285. Bears keep an eye on Nov 15 low of IDR14,194, while bulls look to a rally above Nov 11 high of IDR14,357.
  • Econ Min Hartarto said the gov't sees GDP growth at +4.0% Y/Y this year and +5.2% in 2022. The official noted that raw commodity prices will likely keep rising during the green transition, while domestic car sales are seen rebounding to 850,000 units in 2021.
  • Bank Indonesia Dep Gov Waluyo told a webinar on Friday that policymakers want to see inflation top +2.0% Y/Y, the lower bound of the target range. The current level of CPI is unsatisfactory, as "it means demand is still weak and economy has yet to run."
  • Indonesia's economic docket is fairly empty this week.
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