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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Post RBNZ Losses Extend On Thursday

NZD

NZD/USD prints at $0.6090/95, the pair is down ~0.3% today.

  • Post-RBNZ losses have extended today, and we sit a touch off session lows. Year to date lows at $0.6085 have held thus far.
  • NZ US Rate Differentials, observed via 2 year swaps, sit at +83bps. We were at cycle highs of +128bps pre-RBNZ.
  • AUD/NZD is a touch firmer and has ticked away from its 20-Day EMA.
  • The USD is firmer across the board, Fitch put the US on negative ratings watch and the US Treasury has released a statement saying brinkmanship over the debt limit does serious harm to business, raises short term borrowing costs and threatens the credit rating of the US. E-minis are ~0.3% firmer and have ticked away from early session highs.
  • Looking ahead on the wires early tomorrow we have May ANZ Consumer Confidence, there is no estimate and the prior read was 79.3.
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