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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USDMXN Edging Lower Amid Better Risk Backdrop

MEXICO
  • The USDMXN pullback is potentially significant because it means that resistance at the 50-day EMA, which intersects at 18.00, has remained intact - for now. This is a key short-term hurdle for bulls where a break would signal a stronger reversal. The primary trend direction is down and a continuation lower would expose the bear trigger at 17.4207, May 15 low. A break of this level would open 17.0507, the Apr 29 2016 low.
  • Mexico’s 1Q GDP is expected to have increased 3.8% y/y, down from the preliminary reading of +3.9%, according to economist estimates compiled by Bloomberg. Data released at 1300BST/0800ET:
    • Q1 GDP NSA Y/y, est. 3.8%, prior 3.9%
    • Q1 GDP SA Q/q, est. 1.0%, prior 1.1%
    • Q1 GDP Nominal Y/y, prior 10.3%
    • March Economic Activity IGAE M/m, est. -0.13%, prior 0.14%
    • March Economic Activity IGAE Y/y, est. 3.20%, prior 3.84%
    • Separately, Pemex to report production and exports data for April.
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