- Japan's government expects the CPI to track around 1.5% in Fiscal year 2024
- Spanish election - Incumbent PM Sánchez poised to remain prime minister
- China's State Planner says confidence in private firms has not fully recovered
- MUFG are expecting a Bank of Japan Yield Curve Control tweak at this week's policy meeting
- China's state planner to boost private investment in construction projects
- Goldman Sachs are still expecting the Bank of Japan will tweak YCC policy this week
- PBOC sets USD/ CNY reference rate for today at 7.1451 (vs. estimate at 7.1795)
- Japan Jibun preliminary July PMIs: Manufacturing 49.4 (prior 49.8) Services 53.9 (54.0)
- Japan yen intervention boss says he's not in a position to comment on BOJ monetary policy
- Australia preliminary PMI: Manufacturing 49.6 (prior 48.2) & Services 48.0 (prior 50.3)
- Goldman Sachs sees a 20% chance of a US recession in next 12 months (down from 25% prior)
- New Zealand June 2023 trade balance shows a smaller surplus than in May
- China Securities Regulator met with global firms to hear concerns about investing in China
- Bank of Japan meet this week, July 27-28 - no change seen to yield curve control (YCC)
- UAE says current OPEC+ actions to support the oil price are sufficient at present
- IEA says it expects global oil markets to tighten in H2 of 2023
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The preliminary PMI reading from Japan for July showed at 52.1, unchanged from the month before, as business activity register expansion for the 7th month in a row. Manufacturing remained in contraction while Services remained firmly in expansion and down just slightly from June.
Australia’s flash PMIs were not so encouraging, all 3 are in contraction in July.
In news flow there is not much to report of impact for forex.
Central bank news was only the People’s Bank of China setting the USD/CNY reference rate well below the estimate again today. The Bank has held the yuan stronger since its lows 3 weeks ago:
Asian equity markets:
Japan’s Nikkei 225 +1%
China’s Shanghai Composite +0.3%
Hong Kong’s Hang Seng -1%
South Korea’s KOSPI +0.7%
Australia’s S&P/ASX 200 +0.05%
Bitcoin gave ground back during the session after a move up over the weekend.
