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

CHINA SETS YUAN CENTRAL PARITY AT 7.1122 THURS VS 7.1133

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MNI:AUSTRALIA MAY UNEMPLOYMENT RATE +4%

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

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

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Inflation data due at 7:00GMT

UK DATA
  • Markets will be watching inflation data keenly ahead of the BOE’s monetary policy decision announcement, but in the absence of a huge upside surprise this data is unlikely to change any MPC member's vote ahead of tomorrow's meeting. However, it still has the potential to impact expectations of future meetings.
  • Analysts forecast headline CPI to hit 4.8% y/y, but with upside risks on the back of higher petrol prices. This is up from 4.2% in October, reflecting in part high energy prices from the October 1 increase in the Ofgem energy price cap. November annual CPIH is predicted to increase by a similar magnitude to 4.4% y/y from 3.8% y/y, whilst core inflation displays slightly milder growth to 3.7% y/y for November, up from 3.4% in October.
  • Monthly CPI is projected to slow to 0.4% m/m in November from 1.1% m/m in October.
  • Annual readings for producer prices for inputs and outputs are forecasted to bump up 0.2 percentage points to 13.2% y/y and 8.2% y/y respectively for November. However, monthly producer prices are both projected to slow by over half a percentage point to 0.6% m/m for inputs and 0.5% m/m for outputs, down from 1.6% and 1.1% respectively. Oil and petroleum are the key forces driving prices up, notably input PPI which is more volatile.
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