MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Kiwi Catches Bid With RBNZ Set To Halt LSAP

NZD

The kiwi has caught a bid as the RBNZ acknowledged that "economic conditions since late 2020 have been persistently stronger than anticipated" and decided to reduce monetary stimulus by halting its LSAP programme by next Friday, while leaving the OCR and FLP parameters unchanged.

  • NZD/USD trades +50 pips at $0.6997 as we type, after briefly showing above the $0.7000 mark. Familiar technical levels remain in play, as the rate remains within the confines of yesterday's range. NZD/USD overnight implied volatility has eased after the decision announcement and last sits at 13.28%.
  • AUD/NZD has shed 60 pips thus far and last sits at NZ$1.0658, after printing a fresh six-week low of NZ$1.0649. Bears look for a deeper sell-off towards May 27 low of NZ$1.0601, a key near-term support.
  • NZD/JPY last seen +47 pips at Y77.33. Topside focus falls on Jul 6 high of Y78.77, while bears would be pleased by a pullback under Jul 8 low of Y75.98.
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