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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UK Inflation slows, GBPUSD hits fresh ytd.....>

FOREX
FOREX: UK Inflation slows, GBPUSD hits fresh ytd low of $1.3010
- UK headline CPI came in lower-than-expected at +2.4% y/y, a soft Core reading
(+1.9%) added further weight triggering renewed GBP sales. GBPUSD already
holding heavy from the broadly stronger USD theme touched fresh ytd lows of
$1.3010. EURGBP squeezed back above Gbp0.8900 to Gbp0.8923. Amid a backdrop of
Brexit uncertainty and political turmoil, GBP remains in bearish territory.
- EURUSD pressed to $1.1607, before dip buyers supported ahead of final euro
area CPI. Despite a miss on the Core reading (0.9% vs exp 1.0%), rate witnessed
minor react and eased to $1.1617.
- The USD firmed overnight in Asia, spilling over into the European morning.
Commodity tied FX pared yesterday's gains with NZD & AUD down over 0.5% at
$0.6747/$0.7347 respectively.
- The dollar index extended back above 95, before topping out ahead of 95.40.
Resistance at 95.53 from the ytd high. While gold continued its downtrend to
print 12-month lows of $1221.17, support is expected in the $1200/$1205 region.
- EMFX continued on the defensive with RUB, KRW and PLN bottom of the pile.
Energy BulletsCommodities
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