MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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GBP Posts Shallow Rally on Solid Wages Data

FOREX
  • US CPI takes focus going forward, with the greenback modestly softer headed into the figure. Markets expect inflation to have faded further in May - helping justify a possible pause in rate hike increases this Wednesday - putting M/M CPI at 0.1% and Y/Y at 4.1%, although core metrics are expected to stay sticky.
  • UK wage data out at the open provided the latest catalyst for another move higher in UK rates. The front-end of the UK yield curve surged to the highest level since 2008 as weekly earnings came in ahead of expectations (6.5% vs. Exp. 6.1%).
  • This further complicates the BoE's inflation outlook and has prompted a small number of sell-side analysts to add to expectations of renewed tightening beyond Summer. A number of MPC members are set to speak Tuesday, with Governor Bailey and MPC's Dhingra set to follow incoming policy maker Megan Greene, who testifies in front of the Treasury Select Committee.
  • GBP gained on the back of the jobs release, putting GBP/USD back toward the Monday high. 1.2599 marks the next upside level, and a break above puts the pair back toward mid-May highs. Nonetheless, a broader rally for the currency is lacking, as GBP/USD failed to stage any material test on Monday's 1.2599.
  • EUR sits slightly firmer, helping keep EUR/GBP within range of yesterday's best levels and holding the bulk of the cross rally. 0.8636 is the key test for any further upside.
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