MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

CHINA PBOC CONDUCTS CNY59 BILLION VIA 7-DAY REVERSE REPOS FRI

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Greenback Weakness Extends, Yuan Recovery Builds Momentum

LATAM
  • The US Dollar saw another wave of weakness in early European hours, with the price action reminiscent of the greenback dip after the US equity open on Tuesday.
  • Chinese Yuan strength has been notable, with USDCNH 2% below the day’s highs. The price action will raise suspicion of intervention via state-run banks as we've seen in recent weeks - particularly after the pair hit record highs this week and the Chinese authorities conducted a survey of banks to gauge both positioning and market sentiment toward the currency. Redback strength has filtered through to the likes of AUD and NZD with the latter rising to a one-month high against the USD.
  • EURUSD topside momentum has also gained traction, following the pair breaking above the notable 2022 channel resistance, now back above parity for the first time since mid-September. The broad-based USD weakness has filtered through to EM currencies with HUF and ZAR particular beneficiaries in European trade.
  • In LatAm, Brazilian data takes focus with formal job creation and federal debt data. After the close, we have a Copom decision where all surveyed analysts are expecting the Selic rate to remain unchanged at 13.75%.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.