MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

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

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

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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Pressured On Wednesday, ANZ Business Survey On Tap

NZD

NZD/USD prints at $0.6115/20, the pair fell ~0.3% yesterday.

  • The pair was pressured through the NY session as concerns about US regional banks continued. S&P500 fell ~0.4% as FDIC considered lowering First Republics rating a move which may curb access to the Federal Reserve's lending facilities.
  • NZD/USD fell ~0.5% from peak to trough, with support coming in ahead of $0.6110.
  • Technically we remain in a downtrend, bears target low from 8 March at $0.6085 which opens up $0.5978 a Fibonacci projection. Bulls first look to break the 20-Day EMA ($0.6196) to turn the tide.
  • AUD/NZD was unable to sustain its break of the 20-Day EMA ($1.0797) yesterday, the pair is consolidating below the $1.08 handle.
  • On the wires this morning we have the April ANZ Business Survey. There is no estimate for either print, the prior reads were -8.5 (Activity Outlook) and -43.4 (Business Confidence)
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