MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

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

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

Services Still Sticky As Spain HICP Revised A Tenth Higher

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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PM Kim Sounds Alarm On Seoul Covid Situation

KRW

Spot USD/KRW oscillates around unchanged levels, last sits at KRW1,189.55. Bulls continue to keep an eye on KRW1,200.35, which limited gains on Oct 12. Meanwhile, a pullback under the 50-DMA at KRW1,180.24 would bring Nov 16 low of KRW1,175.50 into view.

  • USD/KRW 1-month NDF last seen at KRW1,190.81, just shy of neutral levels. A move through Nov 19 high of KRW1,194.68 would open up Oct 12 high of KRW1,201.63. Conversely, bears look for a dip through the 50-DMA at KRW1,183.33 towards Nov 9 low of KRW1,174.85.
  • Business confidence among South Korea's manufacturers remained at 88 in November, according to the BoK's survey. Sentiment among non-manufacturing companies deteriorated to 83 from 85.
  • PM Kim warned that the Covid-19 situation in the country is urgent, especially in the Seoul metropolitan area. The Premier suggested that Seoul should consider implementing emergency response measures.
  • The BoK will deliver their monetary policy decision on Thursday. Policymakers are widely expected to raise the 7-Day Repo Rate by 25bp to 1.00%.
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