MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

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

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

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 Weakness Bolstering Antipodean FX, AUD CPI Data Scheduled

AUD
  • The extension of weakness for the USD index (-0.42%) has now seen the entirety of Friday’s bounce reversed and narrows the gap with the March lows at 101.92. Despite the less optimistic session for equities, both AUD and NZD are among the day’s best performers, rising around 0.75%.
  • Overall, the AUDUSD trend condition is unchanged and the outlook remains bearish - the recovery that started on Mar 10 still appears to be a correction. The 20-day EMA has been breached but resistance at the 50-day EMA remains intact. The average intersects at 0.6760. A clear break of it would signal scope for a stronger short-term recovery. Key support and the bear trigger lie at 0.6565, the Mar 10 low.
  • CPI data is due overnight where consensus looks for a moderation of the annual headline rate to 7.2% in February from 7.4% in Jan. US pending home sales highlights the US docket on Wednesday but the calendar focus for global markets remains toward the latter part of the week where Eurozone CPI prints and US Core PCE price index data are due.
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