MNI SNB WATCH: Rate Cut On Knife-Edge As Disinflation Stalls

MNI China Daily Summary: Tuesday, June 18

MNI: PBOC Net Injects CNY84 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY86 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Lower At 7.1148 Tues; -1.35% Y/Y

EZ/UK Bond Supply Calendar: Cyprus Synd; Greece, Germany Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US APR BUSINESS INVENTORIES +0.3%; SALES +0.3%

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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Forint Pressured Following FT Report, PLNHUF at Highest Since Dec’2022

HUF
  • The forint is comfortably the poorest performing currency in the EMEA region following a report by the FT on Sunday citing a leaked document prepared by EU officials which urged members to permanently shut off all funding to Budapest if Orban does not withdraw his veto on a proposed EU aid package for Ukraine. See more here.
  • Forint headwinds have seen EURHUF extend its recent gains at the start of the week, with the cross up 0.4% on the day and trading just above 389.00. The Oct 9 high of 389.20 is the immediate resistance level to watch ahead of the early October highs.
  • Meanwhile, PLNHUF is up 0.5% at typing, above the late December high of 89.06 and at its highest level since December 2021. That cross has now recorded an impressive 3.3% bounce off of the mid-January lows.
  • Looking ahead, tomorrow's NBH rate decision the highlight of the week where sell-side consensus is for the pace of monetary easing to increase with a 100bp rate cut. Our full preview of that decision will be released later today.
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