MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Greenback Starts Payrolls Week Poorly

FOREX
  • The greenback is softer to kick off the week, with EUR/USD extending gains on the break of the 1.0250 area - levels that the pair had struggled to top across the past two weeks. A break above 1.0278 is the next hurdle, and clearance here would mark a bullish development.
  • Data this morning has been mixed, with Spanish and Italian PMIs missing expectations, but German and Eurozone-wide releases topping median expectations.
  • GBP/USD is trading back above the 50-dma and at the best levels since late June. A close above this mark would be a bullish development and open the mid-June highs of 1.2406 and the 100-dma further out at 1.2518.
  • Equity markets are mixed, with US futures lower, while European indices benefit from strong earnings. JPY is the firmest currency, extending the recent rally to put USD/JPY within range of the Y132.00 handle - a 5% pullback from the mid-July highs.
  • July ISM Manufacturing data takes focus going forward, with markets expecting activity to slow to 52.0 from 53.0 for the headline. The employment component could take particular focus ahead of this Friday's payrolls release. There are no major central bank speeches due.
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