MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

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

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

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

US NFIB JUN SMALL BUSINESS INDEX 91.5

Asia Sov Curves Bull-Steepen, Indon To Reduce Bond Issuance

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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Gives Back Post RBNZ Gains, But Outperforms On Most Crosses

NZD

NZD/USD couldn't sustain moves above the 0.6200 level late yesterday and we got back sub 0.6150 in post Asia trade. Support was evident around the 0.6140 region, and we last tracked near 0.6160, holding close to 0.40% higher for Wednesday's session.

  • The kiwi gave up all of its post RBNZ gains, as broader USD sentiment stabilized on Wednesday (BBDXY +0.12%). Global bond yields were down, amid signs of softer EU inflation and mixed US data. US 10yr back to 4.25%, -6.5bps.
  • NZD did maintain its outperformance trend though, only bettered in the G10 space by CHF. AUD/NZD is up from post RBNZ lows, last near 1.0750 (Wednesday lows were at 1.0723), but upticks were faded.
  • Commodity indices were mixed, +0.35% for the aggregate index, -0.22% for the metals sub index. Global equities failed to be inspired by the global yield pullback.
  • Today in NZ we have Oct building permits out soon, followed later on by the ANZ activity outlook, business confidence prints Nov.
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