MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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Quiet Start

FOREX

A quiet start to the session so far with major pairs sticking to narrow ranges. AUD/USD is down 3 pips, the Sydney COVID dynamic will continue to provide interest in the coming days, given the 1-week extension to the related lockdown in the city. Markets look ahead to a speech from RBA Gov Lowe later. NZD/USD is down 5 pips.

  • USD/JPY is down 2 pips, data showed the current account surplus widened more than expected to JPY 1.98tn while the trade surplus unexpectedly narrowed. Elsewhere NHK reported that Japan is set to announce another Covid-19 state of emergency in Tokyo.
  • Offshore yuan is slightly stronger. Markets look ahead to inflation data tomorrow while there is continued speculation around a possible RRR cut, the CSJ suggested the cut is likely to be targeted at SME's and could come at the end of Q3 if upward pressure on CPI eases.
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