MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

June CPI Below Market Expectations, Headline Y/Y At 2.4%

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Greenback Pullback Persists, Aiding Risk Appetite Across the Board

CROSS ASSET
  • Greenback's pullback persists through the London close, with the BB USD Index sitting at session lows to extend the pullback from yesterday's highs to ~0.9%. The move - initially triggered by that markdown in Unit Labour Costs - has favoured high beta currencies in G10, tipping AUD/USD through to the week's best levels.
  • Outside of DM, the beleaguered ZAR and PLN are the main beneficiaries, aided by evidence of a pick-up in risk: the e-mini S&P has added over 35 points off the pre-data lows, with NYSE's TICK Index showing sizeable buy programs on the way higher - helping underpin the bounce in prices.
  • Implied Fed peak rate pricing remains under pressure - amounting to a ~10bps pullback in July pricing off the Tuesday highs, with Jefferson's skip commentary still aiding weight to the front-end.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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