MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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

France Manufacturing Sentiment Lowest Since Dec 2020

MNI: FRANCE JUL MANUF SENTIMENT AT 95

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

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Greenback Bounce Extends Into London Close

USD
  • The dollar continues to pare the week's losses into the Friday London close, with the greenback recovering off today's weekly lows printed against the EUR, GBP, AUD, NZD and others.
  • USD's bounce comes as an extension of the reaction following the bumper University of Michigan sentiment release: 1y inflation expectations came in well ahead of forecast (4.6% vs. Exp. 3.7%, the biggest beat on consensus since 2021).
  • Solid bank earnings likely a contributor for the USD upside also, with solid earnings and revenue posted by the likes of Wells Fargo, JP Morgan and Citigroup allaying any fears of instability among the biggest US banks.
  • The USD Index remains over 1% lower off the Monday high, but is paring losses, as short-covering adds to the dynamic.
  • 101.7975 marks the 50% retracement of the week's range, and would prove constructive for any recovery toward the 103.4456 50-dma.
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