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MNI: PBOC Sets Yuan Parity Higher At 7.1328 Tue; -1.79% Y/Y

CHINA PBOC CONDUCTS CNY676 BILLION VIA 7-DAY REVERSE REPOS TUE

CHINA SETS YUAN CENTRAL PARITY AT 7.1328 TUE VS 7.1313

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MNI: GERMANY ZEW JUL ECONOMIC EXPECTATIONS 41.8

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Greenback Extends Losses On News That Beijing Will Continue To Allow U.S. IPOs

USD

The greenback took a modest hit from the aforementioned CNBC piece, which noted that China will still allow U.S. IPOs. Major USD crosses reacted accordingly, while the DXY extended losses further past yesterday's low, to a fresh session trough at 92.17. The index last sits at 92.18, 14 pips shy of neutral levels.

  • The USD has underperformed all of the G10 currencies save for the Antipodeans this week. Only the AUD fares worse than the greenback today, owing to a disconcerting Covid-19 situation in NSW.
  • As a reminder, advance Q2 GDP data hit the wires today, alongside weekly jobless claims. The Fed speaker slate is empty in the wake of yesterday's monetary policy decision.
  • DXY bears would be pleased by a dip through Jul 6 low, located at the round figure of 92.00. A break here would open up Jun 23 low of 91.51. Bulls look for a rebound through Jul 23 high of 93.02, towards Jul 21 high of 93.19.
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