MNI China Daily Summary: Thursday, June 20

NORGES BANK HEAD: EITHER HIKE OR EARLIER CUT POSSIBLE

NORGES BANK HEAD SEES POLICY RATE AT 4.5% TO END YEAR

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI: PBOC Sets Yuan Parity Higher At 7.1192 Thu; -1.93% Y/Y

IFO Upwardly Revises 2024 Growth Forecast by 0.2pp to +0.4% Y/Y

NOK Little Changed Ahead of Norges Bank; Hold In Rates Expected

Intermediate Goods Deflation Continues to Fade in May PPI

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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72bp Of '24 BoE Cuts Priced After Labour Market Data, Aug Still Seems Most Likely Start Point

STIR

Light dovish flows in BoE-dated OIS in the wake of the labour market data, with ~72bp of cuts priced through '24 vs. ~69bp late yesterday.

  • SONIA futures see a modest rally, last unchanged to +4.5.
  • August still seems like the most likely starting point for the BoE cutting cycle in the wake of the data release.
  • That outcome is fully discounted by markets.
  • See the details in our earlier post for more colour on the data.
  • Comments from BoE hawk Mann are due later today, but she already reiterated her well-known stance yesterday.
  • Elsewhere, comments from BoE Governor Bailey are due, but the setting limits the potential for market moving comments.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.200+1.2
May-245.164-2.4
Jun-245.064-12.4
Aug-244.908-28.0
Sep-244.771-41.7
Nov-244.602-58.6
Dec-244.467-72.1
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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