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

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

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

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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Falters Below $0.7200

AUSSIE

AUD/USD sank Wednesday, landing below the $0.7200 mark. The rate dipped after the release of minutes from the FOMC's most recent MonPol meeting, as the Fed appeared to moderate its stance on the potential to clarify its forward guidance and showed limited appetite for using YCC in the near term.

  • The AFR reported that Treasurer Frydenberg secretly pushed back against the Foreign Investment Review Board & Treasury recommendation to approve China Mengniu Dairy Co's AUD600mn acquisition of Lion Dairy & Drinks without announcing his decision to the public.
  • Elsewhere, BBG cited an ex-RBA researcher as noting that Australia's central bank still needs to make a compelling case against negative interest rates.
  • The rate last sits at $0.7186, little changed on the day. A breach of Aug 12 low of $0.7109 would allow bears to set their sights on Aug 3 low of $0.7076. Conversely, a rally above Wednesday's high of $0.7276 would give bulls a green light for targeting Feb 2019 high of $0.7284.
  • Looking ahead, Australian flash CBA PMIs & preliminary ABS retail sales are due Friday.
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