Major overnight headlines:
• Yields, equity markets rise in tandem forcing the JPY lower in London as European data surprises
• German, French pan-EMU manufacturing and service sector PMIs all better-than-expected in July
• Former PBoC adviser says China “shows signs” of crisis, but “not in crisis”, Bloomberg
• China July HSBC manufacturing PMI falls to 47.7 (48.2 expected), Australian weighted median CPI higher in Q2
Read the full report: FX Strategy
BMO