MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

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EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

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

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MYR Back Close To 4.4400, Weaker CNH/Palm Oil Prices Weigh

MYR

Malaysia markets have returned after a 4 day break. USD/MYR has pushed back to 4.4400, after opening lower (sub 4.4200). Some selling interest is evident above 4.4400, as moves above this level weren't sustained last week. USD/MYR bulls will target a break above this level, which would open a move towards the 200-day MA (around 4.4780), while bears need to see a break of the 100-day MA (4.4060/65) on the downside to turn the tide.

  • The local data calendar contains FX reserves ending Apr 14, due later today, which is unlikely to move sentiment. The next major release is not until May 2, with the manufacturing PMI due.
  • Elsewhere, higher USD/CNH levels will be hurting ringgit sentiment. The MYR largely following USD/CNH direction this year.
  • Palm oil prices are also tracking lower, back to MYR4032, off 1.9% today and sub closing levels from the end of March. This is line with Brent crude correcting lower off recent highs.
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