MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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USD Outlook Remains Constructive

FOREX
  • The USD outlook remains constructive, with European hours seeing some modest greenback buying against most other majors. EUR/USD and GBP/USD have been dragged off the overnight highs of 1.1875 and 1.3905 respectively, as markets also took the opportunity to keep the equity uptrend in tact. The e-mini S&P is already gravitating toward the alltime highs posted late Monday.
  • Antipodean currencies continue to trade favourably, with the AUD and NZD among the strongest in G10 so far. Moves come ahead of the RBNZ rate decision due overnight, at which the bank are expected to open up the possibility of policy tightening to head off any simmering overheating pressures.
  • CNH is firmer for a third consecutive session, with USD/CNH back below the 100-dma at pixel time. A break below 6.4586 would open further losses for the pair, with the 6.4354 level the next downside target.
  • The June US CPI release is expected to slow slightly from the previous, with consensus seeing 0.5% M/M (Prev. 0.6%) and 4.9% Y/Y (Prev. 5.0%).
  • Separately, the Fed are holding an event discussing racism and the economy from 1700BST/1200ET onwards. Fed's Kashkari, Bostic and Rosengren are due to appear.
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