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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Major Pairs Near Wednesday Support, Keeping USD Bias Pointed Higher

FOREX
  • Trends are extending across currency markets ahead of the Thursday NY crossove,r with the greenback recovering off Asia-Pac session lows and pushing most major pairs toward Wednesday's lowest levels. These levels mark a key support ($0.9835 in EUR/USD, $1.1227 in GBP/USD, Y144.85 in USD/JPY) and a break through these marks could prompt an extension of the dollar bounce and target 111.8592 for the USD Index, the 38.2% retracement for the downleg off late September's cycle high.
  • At the bottom end of the table, NOK is slipping against all others in G10 as the currency partially reverses the oil-inspired strength seen since the beginning of the week. EUR/NOK targets 10.5165 initially, and a break above here opens 10.5375, the 1.0% 10-dma envelope.
  • GBP is faring poorly, slipping against most others and allowing EUR/GBP to extend the bounce off Tuesday's 0.8649 low, keeping the 50-dma resistance exposed. Next key levels cross at 0.9066/9266 the High Sep 28 / High Sep 26.
  • Focus turns to the weekly jobless claims data as well as challenger job cuts for September as markets watch for clues ahead of this Friday's US jobs report. The central bank speakers slate is busier, with seven FOMC members due as well as BoE's Haskel and BoC's Macklem.
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