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PBOC Injects Net CNY142 Bln Thurs; Rates Unchanged

CHINA PBOC INJECTS CNY519 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1212 THURS VS 7.1254

Fresh Cycle High On Wednesday

MNI: BAKER HUGHES US RIG COUNT 622; OIL RIGS 500; GAS RIGS 117

US EIA:NAT GAS STORAGE -7 BCF TO 3,826 BCF NOV 17 WK

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Hike tomorrow brought into question by this data

UK DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income NewsForeign Exchange News
  • We noted in our inflation preview that a services CPI number notably softer than 7.2%Y/Y (absent some strange temporary factors) would be enough to move market pricing for tomorrow's meeting to around 50/50.
  • Air fares are volatile, so the magnitude of this miss might need to be looked at with a pinch of salt, but this is undeniably a weak number and will throw up some concerns for the doves.
  • The MNI Markets team now expect a much more split decision at tomorrow's meeting. We are pretty much on the fence whether we see a hike or not. Even if we do see a hike, we would now expect more dovish dissenters than Dhingra alone.
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  • We noted in our inflation preview that a services CPI number notably softer than 7.2%Y/Y (absent some strange temporary factors) would be enough to move market pricing for tomorrow's meeting to around 50/50.
  • Air fares are volatile, so the magnitude of this miss might need to be looked at with a pinch of salt, but this is undeniably a weak number and will throw up some concerns for the doves.
  • The MNI Markets team now expect a much more split decision at tomorrow's meeting. We are pretty much on the fence whether we see a hike or not. Even if we do see a hike, we would now expect more dovish dissenters than Dhingra alone.