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/KRW Catches Up With Dollar Appreciation

KOREAN WON

Spot USD/KRW re-opened higher, tracing the overnight move in USD, which benefitted from aforementioned overtones in minutes from the FOMC's most recent MonPol meeting. The pair last trades +2.85 fig. at KRW1,184.20 at typing.

  • South Korea declared the largest increase in new coronavirus cases since March yesterday, which continues to keep officials on alert.
  • Elsewhere, FinMin Hong said that the government will set up a KRW400bn fund to support digital startups.
  • A clearance of Aug 14 high of KRW1,187.60 is needed to open up Aug 3 high of KRW1,196.05 and give bulls some impetus. Bearish case is supported by the formation of a "death cross" and initial downside focus falls on yesterday's multi-month low of KRW1,180.65. Below there opens Feb 12 low of KRW1,176.40.
  • South Korea's trade data for the first 20 days of the month hits the wires tomorrow.
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