MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Yen Outperforms On Friday, As BoJ Comes Into View

JPY

The Japanese yen ended Friday's session the best performing G10 currency. The yen gained 0.49%, to finish last week at 149.66. We have tracked a little lower in the first part of trade today, last near 149.60. Earlier highs on Friday were around 150.40.

  • Whilst the technical picture remains bullish, current spot levels aren't too far from the 20-day EMA (149.46), while the 50-day sits at 147.91. On the upside, 151.09 is the next target, a Fibonacci projection point.
  • Yen benefited on Friday from a modest pull back in US yields, although most of this was seen at the front end of the curve (2yr down 4bps to 5.0%, 10yr to 4.835%, -1bps). Equity sentiment was mostly on the back foot in terms of the major US/EU indices. Early focus this week is likely to be on Israel's ground offensive into Gaza.
  • Locally, the local data calendar is quiet today, with focus on tomorrow's BOJ meeting the main near term focus.
  • The MNI policy term expects a higher YCC cap to feature heavily in terms of BOJ discussions, but doesn't any expect tweaks at this meeting (see this link for more details).
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