MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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RBNZ Up This Week

NZD

NZD/USD has retraced its initial uptick and last trades flat at $0.7032, holding a 16 pip range in early Asia-Pac trade.

  • NZ PM Ardern was forced to defend the national vaccination campaign after another border worker tested positive for Covid-19. Ardern explained that the vaccine rollout has covered 80% of frontline & MIQ workers thus far.
  • From a technical point of view, bears need a slide through Apr 7 low of $0.6997, which would open up Apr 1/Mar 25 lows of $0.6946/43. Conversely, a rally above the $0.7069/70 area, which capped gains on Apr 5-7, would shift focus to the 100-DMA at $0.7146.
  • On the local docket this week we have card spending (Tuesday), food price index (Thursday) & BusinessNZ M'fing PMI (Friday).
  • On Wednesday, the RBNZ will deliver its latest Monetary Policy Review. Analysts surveyed by BBG are unanimous in expecting the OCR to remain unchanged.
  • NB last month RBNZ Dep Gov Bascand told MNI that it's too earl to "take away the punchbowl" and the Reserve Bank still has plenty of policy ammunition.
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