MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

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MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

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June CPI Inflation Rises 2.8% YoY

CZECHIA
  • This morning, economic data showed that CPI inflation rose slightly more than expected in June, up 2.8% (vs. 2.7% expected) and down from 2.9% the previous month.
  • At 12pm (London time), the CNB will comment on inflation.
  • Next CNB meeting will take place on August 5, and policymaker are very likely to raise the benchmark rate by another 25bps to 0.75%.
  • USDCZK has been consolidating lower in the past week, gradually approaching its 100DMA support (21.49); a break below that level would open the door for a move down to 21.31. On the topside, first resistance stands at 21.73 (200DMA), followed by 21.92.
  • Czech 10Y yield has been flat in the past few days and is currently flirting with its 50DMA (1.71%); ST resistance to watch on the topside stands at 1.77% (100DMA). On the downside, key support to watch stands at 1.60%.

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