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: PBOC Net Injects CNY243.37 Bln via OMO Monday

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

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Highlights of JPM's Weekly FX Options Screener:

OPTIONS
  • CAD, AUD, PLN, NZD and HUF vs. USD vols are a buy, while CNH, INR, TRY, KRW and RUB are a sell while ZAR, HUF, PLN, BRL, MXN, AUD, NZD, CAD, SEK, NOK skews offer value.
  • On an underlying rates vols/correlations basis, AUD 1y vol is rich by 0.7 vols; CAD 1y vol is cheap by 2.4 vols and their model finds the average G10 FX USD vol as overvalued by 1.3 vols.
  • They conclude that gradual normalization of FX vol market since mid-March implies that most dislocations have corrected already, latest one being AUD, NZD and NOK vol richness, while BRL vol remains overvalued vs other G10 and EM vols.
  • EUR, CHF vols are rich vs GBP, JPY and CAD vols; ZAR vol is cheap vs. PLN and HUF vols.
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