MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

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Pressured In Recent Dealing

NZD

NZD/USD prints at $0.6180/85, the pair is down ~0.3% in recent dealing.

  • The Kiwi has been pressured in recent dealing after China cut the 5-Year LPR 10bps. Economists were divided between a 10 and 15bp cut. Technical flows in the AUD, which is down ~0.7%, are also weighing at the margins.
  • Downside support comes in at the 20-Day EMA ($0.6138), a break through here opens year to date lows at $0.5985.
  • AUD/NZD is ~0.4% softer, the pair sits a touch above the $1.10 handle.
  • Cross asset wise; regional equities are pressured, Hang Seng is down ~1%, and 10 Year US Tsy Yields are ~3bps firmer. BBDXY is up ~0.1%.
  • With the local docket empty for the remainder of the session wider swings in risk sentiment will be the main driver in NZD.
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