MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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The broader risk-on tone has seen the USD....>

DOLLAR
DOLLAR: The broader risk-on tone has seen the USD underperform overnight and
sits bottom of the G10 pile. The DXY dipped under 97 to extended pullback lows
of 96.83, before stalling ahead of up trendline support off the Nov 20 low at
96.81. A break opens 96.63/42 which represents the 61.8%/76.4% retracement of
96.08-97.53, expect support behind on approach to the 96 level (96.08 - Nov 20
low). Gold comfortably held the 100-dma ($1210.94) last week and has improved $6
on the session to $1227.86. The Nov 21 high provides next resistance at
$1230.10, a break opens $1232.35 (76.4% $1243.48-1196.34). ISM mfg the main US
release today (1500GMT), the index fell to 57.7 in October after a strong
reading of 59.8 in September.
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