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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JPY Marginally Outperforming, Moves Limited In G10

FOREX

JPY is marginally outperforming, although moves have been limited across G-10.

  • USD/JPY is ~0.1% softer, last dealing at ¥130.85/90. Dec Trade Balance printed marginally higher than expectations this morning.
  • AUD/USD is little changed from yesterday's closing levels. The pair has dealt in a narrow $0.6950/65 range today. AUD/NZD has broken through $1.10, which was key upside resistance.
  • NZD is pressured this morning. NZD/USD is ~0.1% softer, last dealing $0.6320/25. The NZ Treasury noted this morning that the Auckland floods add 0.4% to H1 2023 inflation.
  • EUR and GBP are both little changed in muted trade this morning.
  • Cross asset flows are mixed. US Equity futures are softer, 10 Year US Treasury Yields are ~1bp lower. BBDXY is little changed today.
  • There is a thin data calendar in Asia-PAc today. Further out we have a limited data calendar however a number of Fed speakers are on the wires.
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