MNI China Daily Summary: Tuesday, Aug 20

RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

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

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Yen Firms, Muted Trends Elsewhere

FOREX

It has been a fairly muted start in FX markets. The BBDXY sits a touch lower in recent dealings, last near 1234.10. This mainly reflects a slightly firmer JPY backdrop. USD/JPY is back sub 146.00 (last 145.80/85), around 0.20% stronger in yen terms versus Monday NY closing levels.

  • The cross asset space is fairly quiet in early dealings, with US yields marginally higher at the front end, while US equity futures are close to flat.
  • On the data front we have largely had second tier releases, with Japan's PPI close to expectations, while NZ's card spending and net migration data from earlier also didn't impact sentiment.
  • Still to come is the NAB business survey in Australia. Earlier the Dec Westpac CSI rose by 2.7%, but remains close to recent lows.
  • AUD/USD was last near 0.6565, while NZD/USD is around 0.6120/25. EUR/.USD sits unchanged at 1.0765.
  • Focus ahead will be on the US CPI print later.
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