MNI BRIEF: Japan Q2 GDP Grows 0.8% Q/Q, Stronger Than Expected

MNI China Daily Summary: Wednesday, August 14

MNI: PBOC Net Injects CNY369.2 Bln via OMO Wednesday

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MNI: PBOC Sets Yuan Parity Lower At 7.1415; +1.18% Y/Y

CHINA PBOC CONDUCTS CNY369.2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI JAPAN Q2 REAL GDP +0.8% Q/Q; MNI MEDIAN +0.5%

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-USD extended gains as the US markets.........>

FOREX
FOREX: -USD extended gains as the US markets returned following their Labor Day
long weekend, with markets keeping watch on EM performance. EUR/USD eventually
met decent support at $1.1530, forced lower by reaction to release of strong US
ISM Mfg data, before it recovered back above $1.1580 through the London fix.
USD/JPY saw highs of Y111.53 during the European morning, dropped back to
Y111.15 as EUR/JPY played catch up on EUR/USD slippage, but recovered back
around Y111.40/50 through the European close. AUD spiked to $0.7235 post RBA,
largely due to the lack of any fresh dovish hints to the statement. However, as
profit take sales and broad USD demand emerged rate was quick to reverse off to
$0.7157 before it settled around $0.7180 into the NY afternoon. Ex-MPC member
Posen comments and weaker than expected UK Construction PMI added to the
pressure on cable, the addition of general USD demand and reaction to strong US
ISM data saw rate touch a low of $1.2811. USD sales through the London fix
provided some respite, with reported EU lawmaker comment on a softer stance on
the Irish border, took cable above $1.2870. Australia GDP, Services and
Composite PMI data, BOC Rate decision and several Fed speakers also due up.
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