MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Optimism Fades Away

FOREX

Sentiment began to sour again and price action across the G10 FX space reflected just that. AUD led high-beta currencies lower, as e-minis faltered and equity benchmarks in China, Japan, Hong Kong and Australia ebbed off highs. The process was not driven by any specific news, as headline and data flow was few and far between. Major crosses were happy to hug relatively tight ranges.

  • EUR outperformed at the margin ahead of today's ECB policy announcement. Gains in Europe's shared currency sapped strength from the greenback, which failed to benefit from renewed demand for safe havens, giving way to both JPY and CHF.
  • GBP softened amid continued concern over heightened tensions between London and Brussels in the midst of their deadlocked Brexit talks, with participants seeing a growing chance of a no-deal divorce.
  • IDR sold off after Jakarta reimposed social distancing measures.
  • The ECB announcement is the main thing to watch today, with U.S. initial jobless claims & PPI, Swedish and Norwegian CPIs as well as Italian and French industrial outputs also due. ECB's Lagarde & BoC's Macklem will each speak twice, in addition to comments from ECB's Villeroy.
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