MNI China Daily Summary: Monday, July 29

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USD Down A Touch, Yields & Equity Futures Slightly Firmer

FOREX

Early USD trends have been slightly skewed to the downside as the market digests the US FOMC outcome. The BBDXY was last near 1237.3, down a touch from end Wednesday levels in NY.

  • USD/JPY was weaker in early trade, getting to a low of 146.77, but we now sit around the 146.90/95 level, little changed in yen terms for the session.
  • US yields have opened up 1.5-2.5bps firmer across the benchmarks, which has likely weighed on yen at the margins. US equity futures sit modestly higher (+0.18% for Eminis, +0.30% for the Nasdaq) but this follows sharp losses in Wednesday cash trade.
  • AUD and NZD are both a touch higher, AUD/USD last near 0.6575, NZD/USD in the 0.6120/25 region. EUR/USD sits slightly weaker, back under 1.0810.
  • Coming up shortly we have largely second tier Australian data, building approvals and trade prices, along with the Japan final PMI print for Jan. Later on, the China Caixin manufacturing PMI prints.
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