MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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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Muted Start Across G-10 FX

FOREX

There has been a muted start across G-10 FX on Wednesday, ranges are narrow with little follow through on moves.

  • Kiwi is marginally outperforming, NZD/USD is ~0.1% firmer however a narrow ~10 pip range has been observed. There was little reaction to the New Zealand Q1 Retail Sales print which came in at -1.4% Q/Q vs 0.2% exp.
  • AUD/USD sits at $0.6610/15, unchanged from yesterday's closing levels. We sit a touch above support of $0.6605 low from May 18. On the upside $0.6701 the 50-day EMA provides resistance.
  • Yen is also little changed from yesterday's closing levels, a narrow 15 pip range has persisted in early dealing.
  • Cross asset wise; US equity futures are marginally higher. E-minis are up ~0.2%. US Treasury Yields are little changed. WTI futures are up ~1%.
  • The RBNZ's latest monetary policy decision headlines in Asia-Pac today. The bank is expected to raise the OCR 25bps to 5.50%. Further out we have UK CPI and the minutes from the May FOMC meeting.
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