MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US Treasury Auction Calendar

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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NZD Steady Against Most Currencies, AUD/NZD Break Back Above 1.0900

NZD
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The Kiwi is the worst performing G10 currency today although only slightly lower while ranges remain tight. There has been very little in the way of market headlines today, with focus turning to UST Auctions and US GDP later in the week, while NZGBs yields are 4-5bps lower.

  • NZD/USD is down 0.02% at 0.5918, just off highs of 0.5928 after failing to break above Monday's highs. The downward trend remains intact with the currency still trading below the 20, 50, 100 & 200-day EMAs, the 14-day RSI continues to tick up however still below 50. Initial support is 0.5852 (Apr 19 lows), while a break above Mondays highs would open up a move to 0.5950 {Apr 15 highs).
  • AUD/NZD is up 0.10% and back above 1.0900 at 1.0912. The pair now eyes a test of the 1.0920 area that it failed to break above back on the 15 & 16th April. The AU-NZ 2y swap is 2.5bps lower -88.75bps. Initial support is 1.0887 (20-day EMA), while a break back above 1.900 would be needed to retest 1.0920 (Apr 15 highs).
  • NZD/JPY is down 0.06% at 91.5540, the cross trades back above all major EMA indictors while the 14-day RSI indicator has also just ticked back above 50 to 54 indicating buyers are back in control. Initial support is 91.15/25 (50 & 20-day EMA), while initial resistance is 92.00 (Apr 11 highs).
  • Looking ahead, NZ Trade Balance & AU CPI on Wednesday.
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The Kiwi is the worst performing G10 currency today although only slightly lower while ranges remain tight. There has been very little in the way of market headlines today, with focus turning to UST Auctions and US GDP later in the week, while NZGBs yields are 4-5bps lower.

  • NZD/USD is down 0.02% at 0.5918, just off highs of 0.5928 after failing to break above Monday's highs. The downward trend remains intact with the currency still trading below the 20, 50, 100 & 200-day EMAs, the 14-day RSI continues to tick up however still below 50. Initial support is 0.5852 (Apr 19 lows), while a break above Mondays highs would open up a move to 0.5950 {Apr 15 highs).
  • AUD/NZD is up 0.10% and back above 1.0900 at 1.0912. The pair now eyes a test of the 1.0920 area that it failed to break above back on the 15 & 16th April. The AU-NZ 2y swap is 2.5bps lower -88.75bps. Initial support is 1.0887 (20-day EMA), while a break back above 1.900 would be needed to retest 1.0920 (Apr 15 highs).
  • NZD/JPY is down 0.06% at 91.5540, the cross trades back above all major EMA indictors while the 14-day RSI indicator has also just ticked back above 50 to 54 indicating buyers are back in control. Initial support is 91.15/25 (50 & 20-day EMA), while initial resistance is 92.00 (Apr 11 highs).
  • Looking ahead, NZ Trade Balance & AU CPI on Wednesday.