MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Imported Inflation of Interest in February CPI Print

SWITZERLAND DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Swiss February CPI, published at 07:30 GMT, is expected at +1.1% Y/Y (vs +1.3% prior) and +0.5% M/M (vs +0.2% prior) for the headline figure, and will be the last inflation print before the SNB's meeting on March 21st.

  • After January's surprisingly soft print (which didn't see the uptick that the SNB's expected on housing and energy prices) another low print might yield a rate cut in the policy meeting later this month.
  • The consensus estimate would put average headline CPI inflation for the first two months of Q1 2024 at +1.2% Y/Y, notably lower than the +1.8% Q1 forecast from the SNB's last policy statement in December.
  • As the CHF saw pronounced depreciation against both the EUR and the USD recently, reversing its strength seen late last year, making imported goods and services more expensive in the country, the split between domestic and imported inflation will be insightful to watch in February.
  • Alongside that, the housing and energy category remains of particular interest as it was the one the SNB expected to drive the inflation uptick at the start of 2024, and it remains possible this materializes at least partly with a lag.
190 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Swiss February CPI, published at 07:30 GMT, is expected at +1.1% Y/Y (vs +1.3% prior) and +0.5% M/M (vs +0.2% prior) for the headline figure, and will be the last inflation print before the SNB's meeting on March 21st.

  • After January's surprisingly soft print (which didn't see the uptick that the SNB's expected on housing and energy prices) another low print might yield a rate cut in the policy meeting later this month.
  • The consensus estimate would put average headline CPI inflation for the first two months of Q1 2024 at +1.2% Y/Y, notably lower than the +1.8% Q1 forecast from the SNB's last policy statement in December.
  • As the CHF saw pronounced depreciation against both the EUR and the USD recently, reversing its strength seen late last year, making imported goods and services more expensive in the country, the split between domestic and imported inflation will be insightful to watch in February.
  • Alongside that, the housing and energy category remains of particular interest as it was the one the SNB expected to drive the inflation uptick at the start of 2024, and it remains possible this materializes at least partly with a lag.