MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

MNI: US MAY CONSTRUCT SPENDING -0.1%

MNI: US ISM JUN MANUF PURCHASING MANAGERS INDEX 48.5

US JUNE MANUFACTURING PMI 51.6 (51.7 FLASH, 51.3 MAY)

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 Pressured on Monday, Services & Mfg PMI On Tap

JPY

USD/JPY prints at ¥138.50/60, the pair is little changed in a muted start to Tuesdays dealing.

  • On Monday the yen was pressured as US Treasury Yields ticked higher, after USD/JPY fell ~0.3% in Asia support was seen below ¥137.60 and the pair ticked higher through the European and US sessions. Recent highs however remain intact.
  • Recent price action reaffirms the bullish conditions remain following last week's strong gains. Key resistance has been cleared, bulls now target ¥139.00 and ¥139.59, a Fibonacci retracement. On the downside support comes in at ¥135.78 the 20-Day EMA.
  • May Preliminary Jibun Bank Services and Manufacturing PMI is on the wires today, there is no estimate for the print. We also have April Dept Store Sales.
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