CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

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

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

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

US Treasury Auction Calendar

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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NZD Gains Against G10 Currencies, Yields Rise, BusinessNZ PMI Friday

NZD
The Kiwi is up against all G10 currencies, with the exception of the JPY. China released inflation data earlier showing that CPI rose 0.1% y/y vs 0.4%y/y expected. NZGBs are 11-14bps higher, yield curve is slightly flatter while equities are 0.83% lower.
  • NZD/USD made post CPI lows of 0.5966 late Wednesday, the pair is slightly higher in the first half of Thursday session up 0.14% to 0.5983. Initial resistant is at 0.6100 (round number resistance) a break here would open a move to 0.6026 (20-day EMA). Initial support is at 0.5940 (Apr 1 & YtD lows) below here then 0.5900 (round number support)
  • AUD/NZD tapped the 20-day EMA and initial support at 1.0876 on Wednesday, the pair is now hovering just below 1.0900 to be down 0.04% at 1.0896. Earlier CBA household spending was inline with Feb after being revised down to 3.4% y/y, while Consumer Inflation Expectations was higher than March at 4.6%. Initial support holds at 1.0876 (20-day EMA), while a break back above 1.0900 would open a move to 1.0957 (Apr 8 highs)
  • NZD/JPY fell just short of 92.40 pre CPI, before gapping lower to make intraday lows of 91.23 and erasing the weeks gains, the currency pared some of the losses to close Wednesday at 91.477 and now trades unchanged heading into the Asia break. Initial support is 91.19 (20-day EMA), while to the upside 91.70 (Apr 4 highs) and a break above 92.00 (round number resistance) would open a retest of the recent highs of 92.37 (Apr 10 highs)
  • Looking ahead, BusinessNZ PMI and Food Prices on Friday.
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