MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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NEER Firmer In Early Trade, 20-Day Capping USD/SGD

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer today, however the measure remains within recent ranges. NEER currently sits around ~0.9% below the top of the trading band.

  • USD/SGD prints at $1.3310/20 ~0.2% firmer on Monday.
  • The 20-Day EMA ($1.3326) has capped rallies in recent sessions, we now sit a touch below this level and it has emerged as a key level for bulls.
  • The next downside target for bears is the 2023 low at $1.3032. Bulls first look to break the 20-Day EMA ($1.3329), from here they caan target 2023 highs at $1.3576.
  • The local data calendar is empty until Friday's MAS monetary policy statement.
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