MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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Mixed Start

FOREX

Mixed start to the Asia-Pac session, with the AUD showing some very mild and brief weakness in response to underwhelming local jobs data. The uptick in the unemployment rate was larger than expected, amid a surprise contraction in employment driven by losses in full-time positions. The participation rate edged higher as lockdown restrictions were relaxed.

  • The yen has traded on a slightly softer footing, despite the absence of any evident headline catalysts. USD/JPY has continued to creep higher, crossing above the Y114.00 mark.
  • Cable probed the water below the $1.3400 figure for the first time since Dec 2020, ahead of the release of preliminary Q3 GDP report and monthly economic activity indicators out of the UK.
  • Apart from aforementioned UK data, speeches from ECB's Makhlouf, Lane, Schnabel & de Cos as well as BoE's Mann take focus from here.
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