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 outsized moves in equity markets over...>

OPTIONS
OPTIONS: The outsized moves in equity markets over the past two sessions have
kept currency hedging volumes propped up, although implied vol gauges are yet to
price in anything like the fallout we saw in mid-March (a theme that's mirrored
in the VIX this week, which has risen, but is still well shy of this year's
elevated levels).
- Healthy demand for AUD/USD, EUR/USD and EUR/GBP options this morning have
countered the quieter USD/JPY and USD/CNY markets. 
- Bias between puts and calls for EUR/GBP is pretty balanced so far, with 0.8970
calls and 0.8930 puts drawing particular focus.
- Short-end NOK vols today hit six-week highs, with recent volatility in oil
prices and the 1-week contract now capturing next Thursday's Norges Bank
decision helping to support. NOK put vol is clearly leading, with one-week risk
reversals being boosted this morning to the best levels since the start of June
after a sustained decline.
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