MNI China Daily Summary: Tuesday, July 30

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: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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Lowe's Comments To Grab Attention After Lack Of RBA Policy Pivot

AUD

AUD/USD clawed back post-RBA losses on Tuesday, as firmer risk sentiment and an upswing in BBG Commodity Index lent support to Antipodean currencies. The rate attacked resistance from Jan 7 low of $0.7130 into the close.

  • The aforementioned resistance level has given way this morning. AUD/USD deals +10 pips at $0.7139, with bulls looking to a move through Jan 20 high of $0.7277. On the flip side, losses past Jan 28, 2021/Jul 16, 2020 lows of $0.6968/63 would provide a boon for bears.
  • The Reserve Bank announced the termination of its QE programme Tuesday, but pledged patience on interest rates, while it monitors inflation dynamics. The lack of evolution in forward guidance provided a dovish surprise.
  • RBA Gov Lowe will deliver an address to the National Press Club. His comments will be closely watched in the wake of Tuesday's announcement.
  • Elsewhere, Australia's building approvals & trade balance are due tomorrow, while the RBA's quarterly Statement on Monetary Policy will hit the wires on Friday.
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