MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Greenback Relinquishes Post Data Strength

FOREX
  • Despite the greenback receiving an initial boost following higher-than-expected US PPI data, the USD index has slowly been giving back these gains and looks set to post a moderate decline on the day as we approach the end of Thursday trade.
  • The reversal could be pinned to the offsetting weaker US data, in the form of below expectation Philly Fed Business Outlook and weaker housing starts. Price action has remained lacklustre, with broad dollar indices grinding south throughout the session and major pairs sitting close to Wednesday's closing levels.
  • USDJPY briefly topped Wednesday’s high to print at 133.46, however, now resides roughly 70 pips lower and is approaching the day’s lows approaching the APAC crossover.
  • Earlier in the week, the pair broke above the key short-term resistance marking the 50-day EMA, suggesting scope for an extension higher that would expose 134.77, the Jan 6 high more broadly.
  • However, the more medium-term trend direction remains down, and recent gains are considered technically corrective.
  • For EURUSD, the pair made a new marginal low at 1.0655 and despite constantly testing the 50-day EMA throughout the week has firmed towards 1.0700 once again and looks unlikely to close below this touted support.
  • On Friday, German PPI and UK retail sales highlight the European docket before US import price index figures for January will be of note. Worth noting that on Monday, the US will be out for President’s Day.
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