MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

Kiwi Battered By Risk Reversal, Eyes Alert Level Review

KIWI

NZD/USD headed lower on Thursday as broader risk appetite dropped amid a poor showing from U.S. equity markets, with S&P 500 shedding as much as 3.5%. Commodity-tied FX were battered and NZD/USD snapped its seven-day winning streak, moving away from its best levels in almost fourteen months, printed on Wednesday.

  • New Zealand's Cabinet convenes today to review the country's coronavirus alert level settings. Auckland is currently at alert level 2.5 and the rest of New Zealand is at level 2, with restrictions set to expire on Sunday if no action is taken. Local press outlets have circulated snips from this morning's Newstalk ZB interview with an Otago University Professor of Public Health, who said that he expected the government to extend the current alert settings today.
  • NZD/USD has ground lower in early Asia-Pac trade, with the Kiwi underperforming its G10 peers at the margin. The rate last sits -8 pips at $0.6704. A dip through the 50-DMA, which intersects at the psychological $0.6600 level, would bolster the bearish case, opening up Aug 20 low of $0.6489. Bulls need a break above Sep 2/Jul 19, 2019 highs of $0.6789/91 to see the resumption of an uptrend.
  • StatsNZ will release volume of all building work put in place for Q2 within 15 minutes. Next week, focus turns to Q2 m'fing activity data and flash ANZ Business Confidence (Wednesday), card spending (Thursday), as well as BusinessNZ M'fing PMI and food price index (Friday).
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign Exchange Bullets

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.