MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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Focus On BanRep Non-Monetary Board Meeting This Week

COLOMBIA
  • The Colombian peso underperformed the dollar on Friday, with USDCOP closing at 3964 and some market participants talking about 3980 during the session, according to local commentary. Despite recent dovish comments from Finance Minister Bonilla, and potential for a step up in the pace of rate cuts next month, Citi believe that COP carry should remain attractive for now.
  • Datawise, there is nothing in the domestic docket today. On Wednesday, January unemployment data will be released, while BanRep will hold its monthly (non-monetary policy) board meeting to assess the latest information about the economy. Markets will be focused on any guidance or headlines ahead of the March MPC meeting, for which conviction for a larger 50bp cut continues to grow.
  • In other news, oil field-services trade group Campetrol reported that the number of oil and gas exploration wells drilled in the country last year fell by 45% to 51. A total of 597 development wells were also drilled last year, down 9% from 2022.
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