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

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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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Forint Remains Weakest Currency in EMEA Space

HUF
The forint is a notable underperformer to start the week as the risk-off backdrop and standout weakness of the Euro weighs on the local currency, prompting USDHUF to extend gains to over 1%. Additionally, EURHUF trades 0.40% higher, just above 391.00, having briefly pierced 391.64, the Aug 21 high. A sustained break of this level would open 394.67, the Aug 3 high and a key resistance.
  • Comments from Prime Minister Orban crossed wires earlier today. He said the government has had to “take over” the central bank’s role to slow price growth by setting a goal of taking inflation down to below 10% by the end of the year, comments which have added to the recent spat between NBH officials and the government.
  • Yields on HGBs are between 3-12bps higher across the curve. 10Y yields have extended their recovery from this month’s lows and are up 12bps, while yields on 3Ys are a more muted 3bps higher.
  • The NBH rate decision is the key event of the week tomorrow. A 100bp cut to the one-day deposit rate is the unanimous consensus among sell-side though the path of the 13% base rate is less clear beyond this juncture. See our preview here: https://roar-assets-auto.rbl.ms/files/55912/MNINBH...
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