MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY10 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1196 FRI VS 7.1192

MNI China Daily Summary: Thursday, June 20

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

Japan May Core CPI +2.5% Y/Y; Energy Price Surges

MNI BRIEF: Japan May Core CPI Rises 2.5% Vs. April +2.2%

MNI JAPAN MAY CORE CPI +2.5% Y/Y; APRIL +2.2%

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

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Key data and MPC speakers this week (2/3)

UK
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  • As we noted in the BOE Review, the bar to surprise the Bank’s wage forecast to the upside tomorrow is higher than previously with all of the sellside previews that we have read looking for private sector regular pay to come in at least 0.1ppt below the BOE’s Q1 forecast. There is likely an asymmetric reaction to the data – with any private regular wages growth of 6.1%Y/Y in the 3-months to March likely to reduce the probability of a June cut but any print below 5.8%Y/Y in the 3-months to March seeing a smaller increase in probability of a June cut. We will release our Labour Market Preview this afternoon.
  • Elsewhere this week, we are due to hear from Bernanke on Wednesday as he testifies ahead of the Treasury Select Committee with regard to his forecasting review. This will be worth watching but we don’t think the comments will be immediately market moving as any recommendations from the report are likely to take some time to implement (and indeed Bailey said in the MPR press conference last week that the changes wouldn’t be implemented piecemeal).
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  • As we noted in the BOE Review, the bar to surprise the Bank’s wage forecast to the upside tomorrow is higher than previously with all of the sellside previews that we have read looking for private sector regular pay to come in at least 0.1ppt below the BOE’s Q1 forecast. There is likely an asymmetric reaction to the data – with any private regular wages growth of 6.1%Y/Y in the 3-months to March likely to reduce the probability of a June cut but any print below 5.8%Y/Y in the 3-months to March seeing a smaller increase in probability of a June cut. We will release our Labour Market Preview this afternoon.
  • Elsewhere this week, we are due to hear from Bernanke on Wednesday as he testifies ahead of the Treasury Select Committee with regard to his forecasting review. This will be worth watching but we don’t think the comments will be immediately market moving as any recommendations from the report are likely to take some time to implement (and indeed Bailey said in the MPR press conference last week that the changes wouldn’t be implemented piecemeal).