MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

Final June HICP Confirms Sticky Services Narrative

MNI: EUROZONE JUN FINAL HICP +0.2% M/M, +2.5% Y/Y

Survey date avoids Swift concerts - but accomodation is still very high

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 Top Performer in EMEA Following Virag Comments

HUF
The forint is the top performer in EMEA, with the currency potentially seeing some support following hawkish comments from NBH Deputy Governor Virag, who said that reaching single-digits inflation is not enough in regard to the fight against inflation, and that "tight" monetary policy must therefore continue. EURHUF is down 0.20% at typing though remains within yesterday's ranges.
  • Technically, the recent recovery in EURHUF has been a bullish development and suggests that the bear leg between Sep 28 - Oct 24 is over. If correct, this highlights a stronger reversal and potential for a continuation higher. The focus is on resistance at 389.20, the Oct 9 high. A break of this level would expose key resistance at 394.67, the Aug 3 high. On the downside, a break of 380.73, Tuesday’s low, would reinstate a bearish theme.
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