LNG: LNG Vessel Moves From China Dock but Sanctioned Cargo Discharge Unclear

The Swiss KOF Economic Barometer recovered in July to 101.1, above consensus of 97.9 and following June's 96.3 (revised from 96.1). The improved sentiment comes amid a US-Swiss trade deal remaining in the pipeline for now.

• “Among the indicator bundles included in the Economic Barometer, the indicators for manufacturing, for hospitality as well as for other services particularly reflect the positive developments. The indicators for foreign demand and for financial and insurance services, however, are under downward pressure”, the KOF institute comments.
• The 15% US-EU trade deal appears to be seen negatively in Switzerland on balance, with fears that the country also will end up with less favourable export conditions going forward. A trade agreement with the US seen as detrimental for Switzerland would have the potential to weigh on sentiment in the country going forward.
• From a monetary policy perspective, today's print will be of limited significance as the SNB's main focus is on inflation amid the continued CPI Y/Y readings around 0% in the country.

Westpac remain “biased towards buying AUD/NZD on dips.”

• They’d look to enter longs around 1.0860, targeting 1.1050, with a trailing stop at 1.0810.
• Westpac note that “Australian Q2 CPI was softer than expected, locking in an RBA rate cut for 12 August. Further afield, developments in China have been encouraging. Iron ore has risen 10% during the past month, amid infrastructure announcements such the large hydro dam in Tibet. And the Shanghai Composite is up 9%. Regarding U.S.-China negotiations for an extended tariff truce, the mood is reportedly constructive, awaiting President Trump’s decision”.

• MNI: SWISS KOF JUL ECONOMIC BAROMETER 101.1