MNI China Daily Summary: Monday, July 29

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MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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USD Eases Modestly, But Overall Ranges Tight

FOREX

The USD has drifted a little lower in early dealings, but the BBDXY is little changed from end NY levels from Tuesday. We were last near 1242.7. This continues the negative USD tone from Tuesday's session.

  • Cross asset sentiment has seen US yields open a touch higher, but we remain off recent highs as the FOMC Minutes comes into view.
  • US equity futures are down a touch, led by the tech sector following some late earnings disappointment. This isn't providing USD support like it was in late US trade on Tuesday.
  • AUD/USD sits near 0.6555, slightly above end NY levels. Q4 wages data was close to expectations, albeit with a slightly firmer y/y pace than expected.
  • NZD/USD is tracking slightly higher as well, last near 0.6170.
  • USD/JPY was last near 150.00, little changed from end Tuesday levels.
  • There is little in the way of further risk events/data outcomes for the rest of the Asia Pac session, leaving markets on headline/risk sentiment watch. China equity sentiment will be a watch point.
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