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

MNI: FRANCE Q2 FLASH GDP +0.3% Q/Q, +1.1% Y/Y

MNI: FRANCE JUN CONSUMER SPENDING -0.5% M/M, -1% Y/Y

Australia Jun Total Dwelling Approved -6.5%

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

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Labour market data due at 7:00BST

UK DATA
  • UK labour market data is due this morning at 7:00BST with the most focus likely to be on average weekly earnings.
  • For headline earnings, the Bloomberg consensus looks for a 5.8%3m-Y/Y print with a positive skew (down marginally from 5.9% previously) while for the ex-bonus number most analysts look for either 6.7% or 6.8%3-Y/Y (up a little from 6.6% previously).
  • Markets are currently pricing around 21bp for the June MPC meeting and a cumulative peak of 45bp by the September meeting with the first cut fully priced by March 2024.
  • We think that based on today's data there are two way risks to both GBP and STIR markets. As has been the case with many UK data releases recently, we think that the initial FX move on the release of the data at 7:00BST could be exacerbated at 7:30BST when UK STIR markets open.
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