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 Pressured In Asia

FOREX

The greenback has extended Monday's fall in Asia, BBDXY is down ~0.2% and has fallen below its 20-Day EMA. The move lower in the USD was seen alongside US Tsys and regional equities firming from session lows. Bitcoin dealt at the $35k handle for the first time since Sep 2022 which weighed on the USD at the margins.

  • The Aussie is the strongest performer in the G-10 space at the margins. AUD/USD is up ~0.4% last printing at $0.6355/60 and is at its highest level since 18 Oct. Resistance is at $0.6393, high from Oct 18. Tomorrow Australia's Q3 CPI is due.
  • Kiwi is ~0.2% higher, last printing at $0.5860/65, bulls look to move through the $0.59 handle to target the 20-Day EMA ($0.5907).
  • Yen is a touch firmer, USD/JPY is down ~0.1% and has observed narrow ranges thus far today. Technically bulls remain in the drivers seat, resistance is at ¥150.16, high from Oct 3 and bull trigger. Support comes in at ¥149.16, 20-Day EMA.
  • Elsewhere in G-10, EUR and GBP are following the broader USD move and are ~0.1% firmer.
  • Flash PMIs from the Eurozone and the UK provide the highlight in todays European session.
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