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 BRIEF: Brazilian May Inflation Up To 4.23% In June

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

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

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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ZAR Slips -3.92% W/W as China Data, FOMC Minutes and Weaker Sentiment Post-Reshuffle Weigh

SOUTH AFRICA
  • USD/ZAR trades +0.51% higher this morning, broadly tracking a softer CNH as weaker risk sentiment filters through from the APAC session.
  • ZAR has come under pressure this week, weakening 3.92% vs the USD on weak economic activity data out of China, expedited taper timelines from the FOMC minutes and generally weak sentiment lingering from the recent Cabinet reshuffle.
  • Commodity currencies have been vulnerable this week, with ZAR leading the charts in this regard.
  • Softer CPI data was broadly ignored, with tentative gains in SAGBs pared almost immediately despite SA comprising the second widest real yields across the EM universe.
  • The move through 15.00 keeps bullish momentum in the cross broadly intact, opening up 15.5726 resistance to the topside, should price action continue past less significant 15.30 resistance.
  • On the tech front, a golden cross is fast approaching on the daily, however, price action has moved into overbought territory on the RSI.
  • Intraday Sup1: 15.1367, sup2: 15.0309, Res1: 15.3455, Res2: 15.56726
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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