MNI China Daily Summary: Wednesday, July 24

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

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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NZD Extends Post-RBNZ Weakness, USDJPY Pierces 140.00 Handle

FOREX
  • Overall greenback strength continues to prevail across currency markets with the USD index extending its winning streak to four sessions, up 0.35% on Thursday. The index is now roughly 3.25% off the May lows as the greenback reasserts itself against its G10 counterparts.
  • NZD remains at the bottom of the G10 pile, showing good downside momentum following the significant moves following the RBNZ on Wednesday. Price is now through the year’s lows which turns the focus to the psychological 0.60 mark, a good pivot dating back to September last year.
  • USDCNH has touched another fresh year-to-date high as the pair settles above the 7.09 amrk amid the general greenback appreciation and ongoing concerns over domestic growth. State-owned Chinese media outlets have once again pushed back on the idea of further sharp depreciation pressures for the yuan, with analysts cited in the report continuing to point to China’s positive economic fundamentals and expectations surrounding the end of the Fed’s easing cycle
  • Japanese yen weakness has also once again been consistent over the course of the US session with USDJPY steadily moving higher since the release of US data. Bullish conditions remain intact, and a fresh trend high reinforces the current theme. The 140.01 high print as of writing places the pair at the highest level since November 23, 2022.
  • With 140.00 the next obvious psychological barrier to overcome, major resistance does not come in until 140.62, the bull channel top drawn from the Jan 16 low.
  • Tokyo Core CPI highlights the APAC docket on Friday before UK retail sales for April hit the wires. Attention will then turn to US Core PCE Price index data, durable goods, personal income and U/Mich sentiment figures.
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