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

IP Stronger Than Expected In May, But 3m/3m Trend Still Bleak

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

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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Peso Rangebound Ahead Of Key US CPI Release

MEXICO
  • The Mexican peso is trading in a tight 17.05-17.10 range against the dollar, ahead of today’s key US CPI inflation release. BBVA believe that a soft US inflation print could cool dollar pressure, while the upside surprise would have to be very significant to reignite dollar demand in their view, given recent performance and some technicals. As such, they see scope for further outperformance by Latam high yielders such as MXN. Initial support for USDMXN is around the 17.00 handle, while key support and the bear trigger, lies at 16.7852, the Jan 8 low.
  • No major data releases in the docket today. Weekly international reserves data will be published at 1500GMT(1000ET) and nominal wages data for January are due for publication at some point this week (prior +9% y/y).
  • In other news, Mexican billionaire Carlos Slim said yesterday that Mexico can improve oil production without restarting competitive oil auctions because the works are already done. State-owned Pemex and private companies can drill for oil in blocks that were won under the previous administration, he said. He also said that Mexico could improve development if private sector annual investment reached 20% of GDP, government investment 5% of GDP and foreign investment 4-5% of GDP.
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