MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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USD/JPY Plunges Through Key Support

DOLLAR-YEN

USD/JPY slid to fresh Oct lows on Wednesday as the greenback was dumped amid optimistic mood music surrounding fiscal talks between U.S. House Democrats & the White House. Support from Oct 2 low of Y104.94 gave way in the process, allowing the pair to extend losses.

  • U.S. Sec of State Pompeo signalled that the U.S. has entered talks with Japan on sharing the costs of American military presence in the East Asian nation. The current agreement is due to expire in March.
  • USD/JPY trades at Y104.57, just shy of neutral levels. A breach of Oct 21 low of Y104.34 would open up the lower 3.0% 10-DMA envelope at Y104.20. Conversely, a jump above Oct 4 low of Y105.04 would turn focus to the 50-DMA at Y105.64.
  • Japanese national CPI & flash Jibun Bank PMIs are due tomorrow.
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