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

this is a test, please ignore

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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On The Defensive

FOREX

Defensive flows dominated, lending support to the yen, which comfortably outperformed its peers from the G10 basket. Fresh safe haven demand resulted in USD/JPY sales, which took the rate past the Y113.00 mark and to its lowest point in a month.

  • The Antipodeans went offered across the board, with a BBG trader source flagging the trimming of leveraged long positions in these currencies. AUD/NZD bottomed out at its worst level since Sep 24, before trimming some losses.
  • USD/CNH posted a sudden spike higher, which did not seem timed with any notable headline catalyst. Earlier, the PBOC delivered another softer than expected yuan fixing.
  • German ZEW Survey & U.S. PPI provide the main points of note on the global data docket today. Central bank speaker slate features PBOC Gov Yi, Fed Chair Powell, ECB Pres Lagarde, BoE Gov Bailey and others.
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