MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

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

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Not Too Much Appetite For Risk

FOREX

Sentiment turned sour and the initial risk-on impulse dissipated, driving high-beta G10 FX lower. Covid-19 matters remained front and central, with the Sydney outbreak sapping some strength from the Aussie. AUD went offered as Sydney daily case count topped 100, while NSW Premier Berejiklian suggested an imminent extension to regional lockdown measures. NZD turned heavy in sync with its Antipodean cousin, while AUD/NZD operated below the previous close.

  • Safe havens attracted demand, as U.S. e-minis gave away their initial modest gains and slipped into negative territory. USD/JPY tested last Friday's high of Y110.26, but failed to clear the level and backed off.
  • USD/CNH lost some altitude, despite a slightly weaker than expected PBOC fix, which came in at CNY6.4785, 19 pips above sell-side estimate. China's moves against tech companies also failed to undermine the redback.
  • It is a slow start to the week in terms of global data releases, while today's central bank speaker slate features Fed's Kashkari & ECB's de Guindos.
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