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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Hawkish Fed Comments Keep Coming

FOREX

A steady stream of hawkish Fedspeak has continued to fan rate hike bets in early Asia-Pac trade, while pouring fuel on existing recessionary fears. Cleveland Fed's Mester ('22 voter) called for at least a 75bp rate hike at the next policy review, but kicked the can down the road re: decision on the necessity of a 100bp move. Separately, San Francisco Fed's Daly ('24 voter) told the NYT that she would most likely support a 75bp hike, but a 100bp rate rise is "in range of possibilities."

  • The greenback is pacing gains as we type, albeit BBDXY is yet to rest its cyclical highs printed yesterday in reaction to U.S. CPI data.
  • Participants are showing preference for safety, with the likes of JPY & CHF garnering some strength.
  • The Antipodeans have landed at the bottom of the G10 pile, leading high-beta currencies lower.
  • Australia's labour force report headlines the Asia-Pac data docket, with Swedish CPI & U.S. jobless claims coming up later in the day.
  • On the central bank speaker slate we have Fed's Waller and ECB's Centeno.
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