MNI China Daily Summary: Monday, July 22

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MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

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USDCLP Hovering At 50-Day EMA Support, Activity Data Due

CHILE
  • The USDCLP uptrend has remained intact in recent weeks, however, a corrective pullback has been strengthened by the most recent action from the central bank, which included a smaller-than-expected rate cut and additional measures to support the currency. The pair traded below the 20-day EMA on Monday and an extension lower at today’s open is threatening support at the 50-day EMA which intersects at 900.64. Clearance of the 50-day average would signal scope for a deeper pullback and expose 878.00.
  • September’s unemployment rate and a large set of activity data is scheduled to be released at 1200GMT/0800ET:
    • Sept. Unemployment Rate, est. 9.1%, prior 9.0%
    • Sept. Manufacturing Production YoY, est. -3.8%, prior 0.5%
    • Sept. Industrial Production YoY, est. -1.3%, prior 0.3%
    • Sept. Copper Production Total, prior 434,206
    • Sept. Commercial Activity YoY, prior -3.0%
    • Sept. Retail Sales YoY, est. -6.1%, prior -9.1%
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