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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Falters Across The Board

JPY

Participants have dumped JPY since the Tokyo fix and the currency is easily the worst performer in the G10 basket as we type amid positive risk sentiment. USD/JPY has surged past the Y104.00 mark and trades +35 pips at Y104.04, still some way off the nearest noteworthy resistance, located at Y104.40 (Jan 11 high).

  • AUD/JPY has punched through yesterday's best levels and last deals +56 pips at Y80.22. Bullish focus remains on Jan 14 high of Y80.86.
  • NZD/JPY has bounced above yesterday's high after failing to extend losses past its 50-DMA. The rate sits +49 pips at Y74.22 and bulls look for a clean break above the round figure of Y75.00, which capped gains earlier this month. Implied 1-month volatility in NZD/JPY sits at best levels since early Nov.
  • CNH/JPY has broken above yesterday's high, a close in this territory would mean that the rate has charted the bullish engulfing line candlestick pattern. The rate sits at Y16.0245 at typing, bulls look for further gains towards Jan 12 high of Y16.1455.
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