MNI China Daily Summary: Wednesday, July 10

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MNI BRIEF: China June CPI Hits Three Month Low

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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Markets Stabilise, Prompting Minor Bounce in USD/JPY

FOREX
  • Markets are relatively sanguine so far Friday, with Thursday's risk-off weakness across equities and growth proxies pausing and allowing for a minor retracement. This puts JPY at the bottom-end of the G10 table, with USD/JPY improving back above the Y115.00 handle.
  • Risk and growth proxies including AUD and NZD are modestly higher, helping AUD/USD extend the recovery off recent lows. This works in favour of AUDUSD at this stage and negates the bearish signals evident in the bearish candle pattern posted late last week. As such, markets re-target the early February highs of 0.7249 to sustain any rally, while a return back below 0.7086 would prove bearish.
  • UK retail sales data came in ahead of expectations, with monthly sales rising 1.7% ex-auto fuel. Nonetheless, negative revisions for the December readings countered any feed through to sentiment, keeping GBP/USD just above the 1.35 handle. The outlook is bullish following recent gains from 1.3358, the Jan 27 low and scope is seen for a test of 1.3662 next, Jan 20 high.
  • Data highlights Friday include Canadian retail sales for December and US existing home sales. The central bank speaker slate should prove more interesting, with Fed's Evans, Waller, Williams and Brainard on the docket as well as ECB's Panetta.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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