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: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

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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German PMI Flags Considerable Manufacturing Weakness, But Services Prices Stubborn

DATA REACT
PMI report highlights - Services prices still stubborn, but notable weakness in manufacturing:
  • German economy lost considerable momentum at the end of the second quarter
  • Inflationary pressures continued to ease during June, with manufacturers recording the first decrease in output prices for over two-and-a-half years
  • Service sector costs and selling prices continued to rise sharply, driven in part by higherwages and increasing interest rates
  • Sentiment amongst services firms, although still positive overall, was the weakest for six months
  • Weakness remained centred on the manufacturing sector, where order books fell at the sharpest pace for eight months

A second batch of poorer-than-expected PMIs adding extra weight to the EUR here: EUR/USD now through the 50-dma support and narrowing in on the 100-dma at 1.0809. EUR/JPY reversing hard off yesterday's cycle high - now down close to 175 pips.

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