MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI: US MBA: MARKET COMPOSITE -2.6% SA THRU JUN 28 WK

US MBA: REFIS -2% SA; PURCH INDEX -3% SA THRU JUNE 28 WK

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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

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

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Baht Gains After BoT's On-Hold Decision

THB
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Spot USD/THB continues to unwind its gap higher from the start to the week and now trades -0.080 on the day at 36.663. The SET Index extended losses overnight, refreshing four-year lows. The dust settles after a BoT rate decision, which saw the vote split shift to the hawkish side, as policymakers voted 6-1 to keep interest rates unchanged rather than deliver a 25bp cut (versus 5-2 in April).

  • The BoT briefing is still underway as we type, with Asst Governor Piti Disyatat noting that inflation may be below +1.0% Y/Y in June, but is expected to accelerate above that level in October. Otherwise, we have covered the initial details of the decision in an earlier bullet; the statement can be found here.
  • Political risk gains in significance in Thailand ahead of a series of potentially consequential legal cases. The Constitutional Court today told PM Srettha to supply further evidence in his ethics case, which could end in his ouster, and said it will revisit the case on June 18. Furthermore, the apex court asked the Election Commission for more evidence in a case that could lead to the dissolution of the main opposition Move Forward Party (MFP).
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Spot USD/THB continues to unwind its gap higher from the start to the week and now trades -0.080 on the day at 36.663. The SET Index extended losses overnight, refreshing four-year lows. The dust settles after a BoT rate decision, which saw the vote split shift to the hawkish side, as policymakers voted 6-1 to keep interest rates unchanged rather than deliver a 25bp cut (versus 5-2 in April).

  • The BoT briefing is still underway as we type, with Asst Governor Piti Disyatat noting that inflation may be below +1.0% Y/Y in June, but is expected to accelerate above that level in October. Otherwise, we have covered the initial details of the decision in an earlier bullet; the statement can be found here.
  • Political risk gains in significance in Thailand ahead of a series of potentially consequential legal cases. The Constitutional Court today told PM Srettha to supply further evidence in his ethics case, which could end in his ouster, and said it will revisit the case on June 18. Furthermore, the apex court asked the Election Commission for more evidence in a case that could lead to the dissolution of the main opposition Move Forward Party (MFP).