MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

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

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

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

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

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SUMMARY: See-Saw Session For The Dollar As Risk-On Sentiment Prevails, JPY weaker

FOREX

With US TSY Futures under pressure, an initial rally in the USD was quickly reversed as Equities remained firm and risk-on theme dominated the markets.

  • EURUSD had a wild ride today after testing 1.2350 during the first half of the session. A rebound in the USD saw us take out the lows of the day through 1.2275 to a low of 1.2266. Short term positioning likely caused a round of stops to be triggered before late USD selling took us back above 1.23.
  • Cross JPY remained bid throughout the day with the clearest barometer for risk, AUDJPY, up 0.92% on the day. EURJPY also benefitting +0.55% with USDJPY also heading into the close, up 0.5% at 103.23.
  • GBPUSD was heavy amid the usd buying, combined with an MNI story regarding potential negative rates in the UK. Lows were made at 1.3540, however, the pair also rebounded healthily back above the 1.36 handle.
  • In EM, USDMXN was a notable mover down 1.2% with a notable technical break of 19.70 and the Peso benefitting from the rally in risk.
  • The Dollar Index finds itself exactly in the middle of its 60 tik range at 89.50.
  • There was little to no movement in the FX space on the release of the FOMC minutes amid ongoing protests at the Capitol Building.
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