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 China Daily Summary: Monday, July 29

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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MXN Stabilising After Near 4% Sell-Off

MEXICO
  • The Mexican Peso came under significant pressure late Thursday and overnight on Friday amid the risk-off sentiment across global equity markets, exacerbated my the SVB news noted above.
  • USDMXN had traded with a moderate upward bias following the below-expectations inflation data on Thursday morning. The significantly impacted risk sentiment then exacerbated the price action with an initial surge through the week’s highs and the 20-day EMA.
  • An even greater spike overnight saw USDMXN briefly rise through the breakdown level of 18.50 to print highs of 18.5950, completing a near 4% rally from the Thursday 17.90 lows. Price has since moderated and remains close to Thursday’s closing levels around 18.35 ahead of the US non-farm payrolls data.
  • Mexico’s Labor Ministry will publish nominal wages data for February. Nominal wages increased 10.9% y/y the month before.
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