CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

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

CANADA JUN IVEY PURCHASING MANAGERS INDEX 62.5 SA

MNI: BLS: NET PAYROLLS REVISIONS FOR MAY, APRIL -111K

US JUN AVERAGE HOURLY EARNINGS +0.3% Vs MAY +0.4%; +3.9% YOY

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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Important Business And Consumers Ahead

CANADA
  • Released at 1530ET, the BoC business and consumer surveys for Q4 (unusually collected quarter mid-month) kickstart an important week of domestic data before next week’s BoC decision. The first cut is seen with the April decision.
  • Inflation expectations will be watched in both surveys, but the BOS also provides useful updates on wage setting plans (realized wage growth has been one of the last areas to moderate) and broader price setting behaviour.
  • For the latter, this is the clearest survey we get for what can otherwise be an opaque area when not privy to the Bank’s liaison programmes.
  • Recall from last month: “About half of businesses reported that their pricing behaviour is abnormal. And looking forward, on balance, firms continue to plan larger and more frequent price increases than usual over the next 12 months […] But signs indicate that pricing behaviour is moving toward normal. About one-third of firms that adjusted their prices by an unusually large amount in the past 12 months said the size of their price increases will be close to normal within the next 12 months.”
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