MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% 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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Greenback Firmer With Signs Of Resuming Uptrend

FOREX
  • The greenback recovered off a soft start on Friday as July PPI edged ahead of expectations, moving modestly against perceptions of a soft CPI print on the session prior. As such, the USD Index inched higher Friday and included a break of at 102.843 with a high of 102.91 to continue progress toward the 103.418 200-dma.
  • GBP outperformed all others on Friday as the June GDP release pointed to a stronger-than-expected end to Q2. GBP/USD recovered off the week's lows of 1.2666 on the release, but has failed to recoup the sharp losses posted off the Thursday high at 1.2819. For now, bearish themes dominate, keeping 1.2621, the Aug 3 low and bear trigger in focus.
  • NOK and SEK made up the Friday session's poorest performers, as high beta currencies suffered alongside the pullback in stocks. A ~1% pullback in cash European indices worked against risk appetite, prompting EUR/NOK to show at new multi-week highs and break resistance at the 11.4643 50-dma with 11.4814. It has since reversed but the move opens 11.539 - the 100-dma and next hurdle to closing the gap with the early July sell-off in the cross.
  • Focus in the coming week turns to the Norges Bank and RBNZ rate decisions. While the Norges Bank are expected to raise rates by 25bps, the RBNZ are seen keeping policy unchanged as inflation gradually falls back toward target. Chinese economic activity data also crosses as well as the latest Japanese and Canadian CPI prints.
Energy BulletsCommoditiesNorges Bank Market News
Energy BulletsCommoditiesNorges Bank Market News

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