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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessSour China Data Undermines Commodity-Tied Currencies
- The greenback continues to bounce off the post-CPI lows, with the USD Index close to 1.5% off last week's lows. A sour set of economic data from China has prompted a wave of risk-off across currency markets. The price action has favoured the USD, JPY and CHF, with AUD and NZD the biggest losers in G10.
- Both industrial production and retail sales data from China fell below expectations for June, with retail sales now in negative territory on a YTD basis. In response, the Chinese central bank cut both the 7-day reverse repo and the 1-year MLF rate by 10bps apiece, looking to arrest the slowing economy.
- In response, the CNH is sliding, putting USD/CNH north of 6.78 and within range of next resistance at the 6.7954 August high. A clean break above here would be the highest level for the pair since early May.
- Commodity- and high-beta currencies are sliding alongside the weakness in Chinese economic data, putting AUD/USD below 0.7050 and within range of 0.7030 support (23.6% retracement for the Jul - Aug upleg). CAD is exhibiting similar price action, with USD/CAD now just shy of the 1.2888 50-dma.
- US Empire manufacturing crosses later today, with the index expected to slow to 5.0 from 11.1 prior. Canadian manufacturing sales also crosses as well as the NAHB housing market index. There are no notable central bank speakers due.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.