MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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Gilts and Pound

CROSS ASSET

Gilts now at session high, after opening lower this morning inline with EGBs.

  • The contract has seen better buying since 10.00GMT/05.00ET.
  • We now eye last Thursday's high at 128.11, given the longer Easter break, with initial resistance seen at 128.25 20-day EMA
  • Main driver today for the Pound and Gilt, has been the Astra vaccination concerns, following weekend report that a decision could be made to restrict the use of the jab in younger people.
  • GBP is off its lows, following USD paring some of its gains, helped with Risk tilted to the upside, and some short covering in GBP
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