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MNI China Daily Summary: Monday, October 23

MNI BRIEF: Inflation Down, Deficits Up - Bundesbank Report

MNI BRIEF: China To Reach Target of 5% GDP Growth - Lou Jiwei

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: Netherlands, UK, Germany Due Tues

BoC Data Watch

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

Rand Consolidates Intraday Gains, Weak Manufacturing Production Data Ignored

ZAR
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USD/ZAR has found a base at 18.8732 and halted its sell-off, with the BBDXY Index trimming earlier losses as the European session progressed. Weak South African industrial output data has had little impact on the rand. The pair last deals at 18.9230, down ~2,070 pips on the session.

  • South Africa's seasonally adjusted manufacturing production fell 1.6% M/M in July versus +0.5% expected. Non-seasonally adjusted production rose 2.3% Y/Y, falling short of the +4.8% median estimate.
  • Meanwhile, Bloomberg precious metals subindex has trimmed its earlier advance and last sits just ~0.5% above neutral levels.
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USD/ZAR has found a base at 18.8732 and halted its sell-off, with the BBDXY Index trimming earlier losses as the European session progressed. Weak South African industrial output data has had little impact on the rand. The pair last deals at 18.9230, down ~2,070 pips on the session.

  • South Africa's seasonally adjusted manufacturing production fell 1.6% M/M in July versus +0.5% expected. Non-seasonally adjusted production rose 2.3% Y/Y, falling short of the +4.8% median estimate.
  • Meanwhile, Bloomberg precious metals subindex has trimmed its earlier advance and last sits just ~0.5% above neutral levels.