Yesterday, the US has officially labelled China as a currency manipulator, as a consequence of the strong depreciation of the Yuan relative to the Dollar earlier this week. The US accuses China of not using their substantial reserves in foreign currency to oppose the depreciation. China denies the accusations and states that the currency rates are determined by the market. However, China has taken steps yesterday to oppose further depreciation.
The German federal statistical office reports that the factory orders in Germany in June increased with 2.5% on a monthly basis, versus an expected increase of 0.5%. On a yearly basis the factory orders decreased with 3.6%, where a decrease of 5.2% was expected.
The Reserve Bank of New Zealand (RBNZ) has decreased the interest rate with 50 basis points to 1%, an all-time low. This was a larger decrease than the expected decrease of 25 basis points. In May, the interest rate in New Zealand was already decreased with 25 basis points.
The 6M Euribor is unchanged at -0.37% compared to previous business day. The 10Y Swap decreased with 2 basis points to -0.10% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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