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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Kiwi Takes Flight After Half-Point OCR Hike

NZD

The kiwi goes bid after the RBNZ raised the OCR by 50bp signalling determination to quash mounting inflationary pressures. The minutes noted that policymakers decided for a larger rate hike "now, rather than later, to head off rising inflation expectations and minimise any unnecessary volatility in output, interest rates, and the exchange rate in future."

  • NZD/USD trades at $0.6885 as we type, up 33 pips on the day. Familiar technical levels remain in play.
  • AUD/NZD has shed 25 pips and deals at NZ$1.0858, with bears looking for a deeper sell-off towards Mar 30 low of NZ$1.0755. Bullish focus falls on NZ$1.0925, which limited gains on Apr 5 & 6.
  • NZD/JPY last seen at Y86.35, 42 pips higher on the day. The rate has pierced Apr 5 high of Y86.39, which brings Mar 28 cycle high of Y86.95 into play. Bears need a pullback under Apr 11 low of Y84.89 to get some reprieve.
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