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Dollar Sold as China Boosts Funding Provision, Spain Bill Sale on Tap

Dollar Sold as China Boosts Funding Provision, Spain Bill Sale on Tap

2012-08-21 06:28:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • US Dollar Sold as China Injects CNY220 Billion into Banking System
  • Australian Dollar Outperforms as RBA Minutes Debt Rate Cut Bets
  • Spanish Bill Auction Headlines Quiet European Economic Calendar

The US Dollar edged lower in overnight trade as Asian stocks advanced, sapping demand for the go-to haven currency. The MSCI Asia Pacific regional benchmark equities index rose 0.5 percent after China took steps to boost banks’ access to funding, injecting CNY220 billion into the system via 7- and 14-day reverse-repo operation. This marked the largest such liquidity provision since early July. The Australian Dollar narrowly outperformed after minutes from Augusts’ RBA policy meeting dented rate cut expectations. The bank said inflation is on track to stay within the target area over the medium term, arguing a firm domestic economy was offsetting a fragile global outlook.

The European economic calendar is uneventful once again, with a Spanish bond auction amounting to the only bit of significant event risk. Madrid is scheduled to sell 12- and 18-month bills. Traders will look to average yield and bid-to-cover readings to gauge the severity of Eurozone funding stress. The short tenor of the debt on offer would typically diminish the auction’s market-moving potential. Investors may be paying more attention this time however as markets gear up for Friday’s Spanish cabinet meeting and press conference amid speculation of a formal bailout request in the works. S&P 500 stock index futures are flat late into the overnight session, pointing to risk sentiment trends stuck at a neutral setting.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Net Migration s.a. (JUL)

-660

-

520 (R+)

1:30

AUD

RBA August Meeting Minutes

-

-

-

3:00

NZD

Credit Card Spending s.a. (MoM) (JUL)

-1.5%

-

0.7% (R-)

3:00

NZD

Credit Card Spending (YoY) (JUL)

0.1%

-

3.9% (R-)

3:00

NZD

RBNZ 2-Year Inflation Expectation (3Q)

2.3%

-

2.4%

4:30

JPY

All Industry Activity Index (MoM) (JUN)

0.2%

0.2%

-0.2% (R-)

5:30

JPY

Nationwide Department Store Sales (YoY) (JUL)

-3.3%

-

-1.2%

5:30

JPY

Tokyo Department Store Sales (YoY) (JUL)

-1.0%

-

-0.1%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

CHF

Money Supply M3 (YoY) (JUL)

-

7.4%

Low

7:00

CHF

Real Estate Index Family Homes (2Q)

-

410.4

Low

8:30

EUR

Spain to Sell 12-, 18- mo Bills

-

-

Medium

8:30

GBP

Public Finances (PSNCR) (£) (JUL)

-

3.0B

Low

8:30

GBP

PSNB ex Interventions (JUL)

-2.2B

14.4B

Low

8:30

GBP

Public Sector Net Borrowing (£) (JUL)

-3.2B

12.1B

Low

10:00

GBP

CBI Trends Total Orders (AUG)

-10

-6

Low

10:00

GBP

CBI Trends Selling Prices (AUG)

-2

-3

Low

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2304

1.2411

GBPUSD

1.5687

1.5780

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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