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MNI: NORWAY JUN CPI +0.2% M/M, +2.6% Y/Y

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

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AUD Best G10 Performer So Far

FOREX

Focus remains on recent comments from FOMC members, AUD proving more resilient than regional peers as CBA now forecasts the RBA will hike rates from Nov 2022, bringing estimates in line with peers Elsewhere data showed composite PMI fell to 56.1 from 58.01 previously, both services and manufacturing declined from the previous month as the effect of lockdowns in Victoria took hold. AUD/USD down around 5 pips.

  • NZD/USD down around 12 pips, New Zealand halted quarantine-free travel with New South Wales for 72h after finding that an Australian traveller who visited Wellington tested positive for Covid-19 upon their return to Sydney.
  • JPY is weaker, USD/JPY is up 9 pips Flash readings of Japan's Jun Jibun Bank PMIs headline the local data docket today.
  • Offshore yuan is stronger, USD/CNH reversing yesterday's move higher. A report in China Securities Journal said China should be cautious of yuan depreciation risks with the change of overseas environment.
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