MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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EUR/JPY Ekes Out a New High Amid Muted Markets

FOREX
  • Market flow and trade volumes are muted Monday, with the US public holiday keeping participation muted and headline flow particularly light. Some of the poorest performing currencies of the past week are steadier early Monday - putting JPY and GBP among the best performers of the day.
  • More broadly, technical targets in either direction are unchanged for G10 FX. The most noteworthy price action sits in EUR/JPY, which underpinned the recent recovery with another high print overnight of 162.04. This affirms the underlying uptrend, which sees its next major test at this week's prelim PMI data - set to cross on Thursday. Key short-term support is unchanged at 158.08, Feb 1 low. A clear break of this level would highlight a reversal. Initial support lies at 160.37, the 20-day EMA.
  • The USD is strictly mid-range, with the USD Index holding either side of the 100-dma at 104.182 for a third consecutive session.
  • US Presidents' Day ahead should keep market activity and volumes light ahead, with data releases and central bank speakers expectedly quiet. US Treasury trade sees only a limited opening before regular trading patterns resume on Tuesday.
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