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

MNI: US MBA: MARKET COMPOSITE -2.6% SA THRU JUN 28 WK

US MBA: REFIS -2% SA; PURCH INDEX -3% SA THRU JUNE 28 WK

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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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Further Modest Greenback Weakness, USDMXN At Session Lows

US
  • Some further modest greenback weakness being seen following the plethora of US data and the Treasury’s refunding announcement. Not seeing much of an impact on the EM FX basket, which remains in positive territory and USDMXN hovering close to the day’s lowest levels.
  • The U.S. Treasury said Wednesday it would gradually increase nominal coupon auction sizes in February, March, and April, matching market consensus expectations. The agency flagged expectations it will not need any further increases beyond those announced today for "at least the next several quarters."
  • Seaparetly, the 3.5% annualized pace for the overall Employment Cost Index is the softest since 2Q21. Tomorrow’s labor productivity data (estimated at 2.5% ar after a booming 5.2% in Q3) will help guide implications for inflationary pressures.
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