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: PBOC Net Injects CNY243.37 Bln via OMO Monday

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

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Summary – February 05

LATAM
  • Brazil services and composite PMI data for January are due for release on Monday. In Colombia, the central bank will publish the minutes of last week’s monetary policy meeting, when it cut rates by another 25bp. There are no data releases in Mexico today due to the Constitution Day public holiday. Elsewhere, the US ISM survey for January will be released at 1500GMT, followed by the latest SLOOS release from the US at 1900GMT. Central bank speak includes the Fed’s Bostic and Goolsbee.
  • Later in the week, the LatAm focus will be on monetary policy meeting in Mexico and Peru, with Banxico expected to stay on hold, while BCRP cuts by another 25bp.
  • Global News:
    • US (MNI) – Fed officials are optimistic about a steady recent slowing in inflation but want to see it continue for a while longer before they take the “important step” of beginning interest rate cuts, Fed Chair Powell told 60 Minutes in an interview airing Sunday. “The prudent thing to do is to just give it some time and see that the data continue to confirm that inflation is moving down to 2% in a sustainable way,” repeating that he thinks a move at the March meeting is unlikely.
    • MIDDLE EAST – the Houthis said that they would retaliate after U.S. and British forces launched a new wave of strikes targeting sites used by the Iranian-backed militant group in Yemen. The strikes on Yemen targeted 13 locations associated with Houthi storage facilities and weaponry, U.S. Defense Secretary Lloyd Austin said.
    • JAPAN (MNI) – the Bank of Japan will likely gradually raise its overnight rate to 1% after it moves away from negative levels, but will probably avoid signalling a clear hiking path amid uncertainty over the level of the neutral rate of interest and concern tighter policy might overly strengthen the yen, MNI understands. Economic and price developments will drive the pace of hikes, however, bank officials want to see the policy rate rise to at least 1% to revive market function.
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