MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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USDJPY Grinding Higher, Closes In On 140.00

JPY
  • Overall greenback strength continues to prevail across currency markets with the USD index extending its winning streak to four sessions, up 0.4% on Thursday. The index is now 3.25% off the May lows as the greenback reasserts itself.
  • NZD remains at the bottom of the G10 pile, showing good downside momentum following the significant moves following the RBNZ on Wednesday. Japanese yen weakness has also once again been consistent over the course of the US session with USDJPY steadily moving higher since the release of US data.
  • Bullish conditions remain intact, and a fresh trend high reinforces the current theme. The 139.96 print placed the pair at the highest level since November 23
  • Last week’s break of 137.77-91, the May 2 and Mar 8 high respectively, confirmed a resumption of the uptrend that started Jan 16.
  • With 140.00 the next obvious psychological barrier, major resistance does not come in until 140.62, the bull channel top drawn from the Jan 16 low.
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