MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

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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EURHUF Partially Recovers Some of Tuesday’s Sell Off

HUF
EURHUF has partially recovered some of yesterday’s losses, despite the USD index trading close to flat and an uptick noted across most major equity benchmarks. The cross is up 0.32% on the day which places the HUF close to the bottom of the EMEA FX pile, though weakness is noted in PLN and CZK also (EURPLN: +0.38%; EURCZK: +0.23%). USDHUF is 0.48% in the green at typing, though had recorded a fresh multi-month low earlier in the session. Price action there mimics that of the USD index.
  • EURHUF last deals just above support at the Aug 30 low of 378.24, the recent break of which strengthened the bearish theme, opening 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. A sustained break of this level is needed to signal scope for a deeper pullback. On the upside, a clear breach of the 50-day EMA at 381.52 is needed for a stronger retracement. That average provided firm resistance last week.
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