MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD Index Back To Early Feb Lows Post China PMI Beats

FOREX

China PMIs have come in firmer than expectations, particularly on the services side. This index printed at 58.2 (55.0 was expected and 56.3 prior). The manufacturing PMI came in at 51.9, (51.6 forecast, 52.6 prior). The composite PMI is now at 57.0, fresh highs for the series.

  • The USD is weaker post the prints, as the outcomes will add to the China re-opening growth story. The market may have wanted to see a firmer manufacturing picture, which is likely better for external demand (as opposed to services), but this is only likely to be a concern at the margins.
  • The BBDXY is now near 1226, fresh lows back to early Feb. NZD and AUD are still outperforming. NZD to 0.6295, AUD above 0.6730. Yen weakness persists, as cross yen demand remains firm amid the equity bounce post the data. USD/JPY is around 133.10/15 (earlier highs were above 133.50).
  • In Asia FX, USD/CNH is back sub 6.8500 (-0.40%), which is sub the 50-day MA (near 6.8590). 1 month USD/KRW is back down to 1287/88, +0.55% firmer in won terms.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.