MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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USDBRL Continues To Consolidate Despite Greenback Recovery

BRAZIL
  • USDBRL is consolidating above support at 5.1070, the Sep 22 low. A break of this level would cancel the recent bullish theme and instead signal scope for a deeper pullback towards 5.0108 initially, the Sep 29 / 30 low. Resistance levels of note are 5.30 and 5.4286, the Sep 29 high as markets continue to digest the potential scenarios as we approach the October 30 election runoff.
  • Data for the general price index that measures a broader range of Brazilian inflation than the consumer price index was released this morning and showed a greater deceleration that consensus expected:
    • Brazil sept. IGP-DI inflation falls 1.22% M/m; est. -0.84%
    • Brazil sept. IGP-DI inflation rises 7.94% Y/y; est. +8.34%
  • Today, the treasury auctions fixed-rate NTN-F local notes due 2029 and 2033 and fixed-rate LTN local notes due 2023, 2024 and 2026.
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