MNI China Daily Summary: Wednesday, July 31

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MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

MNI: US MBA: MARKET COMPOSITE -3.9% SA THRU JUL 26 WK

US MBA: REFIS -7% SA; PURCH INDEX -2% SA THRU JULY 26 WK

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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

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SUMMARY: All about the EUR

FOREX
  • A very busy session in FX and particularly for the EUR, which has been the story of the day.
  • The currency was lifted across the board, following a Bloomberg piece suggesting "ECB Said to Agree There Is No Need to Overreact to Euro Gains"
  • Lagarde during her presser noted: "The ECB monitors but does not target the exchange rate. Lagarde refuses to comment on the level of the currency,".
  • EURGBP is now up 1.25% and through multiple resistance and testing levels last seen since March,
  • EURGBP next area of interest comes at 26/03 high 0.92229.
  • EUR is still grinding higher, at the time of typing, and testing highs against USD, GBP, JPY, SEK, CAD, AUD, and CZK.
  • Immediate resistance in EURUSD is seen at 1.1929 High Sep 2. (traded 1.1917 high).
  • Looking ahead, BoC Macklem Holds Press Briefing.
  • On the data front, we get NZ biz Manufacturing PMI, food price and REINZ house sales.
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