MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

Energy Base Effects Push PPI Higher, But Goods Pipeline Pressures Soften

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

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

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USD/JPY To Fresh Highs Early Doors On Improved Risk Appetite Post Debt Deal

JPY

Yen remained on the back foot early doors in Asia Pac trading today. USD/JPY hit fresh highs of 140.87, before settling back at 140.75/80 currently, +0.10% above NY closing levels from Friday. Yen lost nearly 0.40% on Friday to be the weakest performer within the G10 space.

  • Focus remains on upside momentum in the pair. We currently sit just above 140.71, the bull channel top drawn from the Jan 16 low. 141.19 represents 2.0% of the 10-dma envelope. On the downside, initial support lies at 137.77, the May 2 high. A short-term pullback would be considered corrective.
  • The firmer US yield backdrop, albeit more so at the front end, coupled with higher equity indices is continuing to weigh on yen. If a US debt deal boosts risk appetite further, yen may well remain a laggard.
  • We did have comments from FinMin Suzuki on Friday that FX levels were being watched closely, but this didn't have any meaningful impact on sentiment.
  • On the data front today we have final March readings for the coincident and leading indices, with neither release likely to move sentiment. BoJ bond purchases are also on tap.
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