MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CPI Preview, July: Potential Long-Awaited Moderation In Core Run Rates

CANADA DATA
  • Released on Tuesday at 0830ET, Canadian headline CPI inflation is seen at a non-seasonally adjusted 0.3% M/M in July, for 3.0% Y/Y (+0.2pps).
  • It would mean headline CPI right at the top of the BoC’s 1-3% target range after large moderation in recent months saw June with the first print in the target range since spring 2021. Base effects likely mean a larger push higher for the Y/Y is in store for August.
  • Analysts pencil in the average of the BoC’s preferred median and trim measures to slow 0.15pps to 3.65% Y/Y but more focus is likely on the latest monthly trend.
  • A similar M/M reading to June (0.3% M/M for both) would see these core measures slow from 3.8% to 3.2% annualized on the three-month run rate that it focuses on, breaking a string of readings in the 3.5-4% range since September with the continued recent resilience playing a large role in the last two BoC hikes.
  • For those preferring a more traditional core metric (ex food & energy), CIBC, who are above consensus with headline at 0.4% M/M NSA, look for 0.3% M/M SA after two months at 0.14% M/M. That would see the three-month slow to 2.3% from 2.5% after already a larger moderation than the BoC’s preferred core measures in recent months.
  • This is the last CPI reading before the BoC decision on Sep 6, with the market currently pricing in a little under 1/3 probability of a 25bp hike.
HomepageCanada Bank of Canada Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.