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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G10 FX Hold Tight Ranges, Light Risk-On Flows Emerge

FOREX

With little in the way of meaningful catalysts elsewhere, fiscal negotiations on the Hill continue to steal the limelight. Light risk-on flows have emerged in G10 FX space as e-minis have ticked higher, amid hopes for progress in U.S. fiscal matters. The greenback underperforms all of its peers from the basket as we type.

  • USD/CNH has been offered, showing under yesterday's/27-month low. The PBoC fix is due within ~25 minutes.
  • USD/KRW extended losses to a fresh 18-month low, after an increase in South Korea's average shipments in the first 20 days of the month indicated a continued recovery in exports.
  • On the radar today we have UK & Canadian inflation data, Canadian retail sales and comments from Fed's Mester, Kashkari, Kaplan, Barkin, Quarles & Bullard, ECB's Lagarde, de Guindos & Lane, BoE's Ramsden & BoJ's Sakurai.
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