MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Firms Above 20-Day EMA, Rate Differentials Narrow

AUDNZD

AUD/NZD has firmed ~0.4% this morning after the Q3 NZ CPI was weaker than expected. The cross has risen above its 20-Day EMA ($1.0721) and sits at its highest level since late September last printing at $1.0735/45.

  • Rate differentials, observed via 2-Year Swaps, have narrowed to -132bps from -142bps this morning. Yesterday's closing levels were the widest since late May.
  • On the upside bulls now target a move above the $1.08 handle and 200-Day EMA ($1.0822). This opens $1.0923, the high from 18 Sep and the $1.10 handle.
  • Bears immediate focus is on the 20-Day EMA and the $1.07 handle. A break below here opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
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