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 China Daily Summary: Monday, July 29

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 Lowest Close Since 14th Jan at 5.2375

BRAZIL
  • USDBRL had the lowest close since the 14th January on Friday as the Real firmed another 1% on the back of broad based US dollar weakness. The close at 5.2375 represented a near 4% advance (largest since December) for BRL as markets reacted to the 75bps rate hike and priced in another for June. Additionally, global equity indices continuing to progress higher combined with surging commodities is fuelling risk on sentiment in EMFX.
    • CFTC data showed investors cut bearish bets against the Real by the biggest margin in over a year. They slashed their net short position by 16,388 contracts to 9,898 contracts in the week to May. 4.
  • Economists at Banco Itaú on Friday upgraded their 2021 economic growth forecast to 4.0% from 3.8%, noting that "recent indicators suggest that the economic impact of the second (Covid) wave is being significantly more moderate than that observed in the first wave."
    • A solid March retail sales report above estimates confirmed this view.
  • Tomorrow, IPCA headline inflation is expected to increase to 6.74% y/y. On Thursday we will see economic activity figures for March. In the latest Focus Survey: Brazil economists raised their 2021 GDP forecast to 3.21% from 3.14%.
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