MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

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

June CPI: Surprise Unlikely To Shift Norges Bank Cut Expectations

MNI: US REDBOOK: JUL STORE SALES +5.7% V YR AGO MO

Weak May Releases Raise Further Recovery Into Question

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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Kiwi Probes Water Below Key Support, RBNZ Reflects On Macroprudential Tools

NZD

NZD/USD retreated on Wednesday, extending its recent losing streak, with continued greenback strength applying some pressure. The rate briefly traded through key support from Jan 28 low of $0.6530, printing its worst levels since Sep 2020 as a result.

  • The rate trades flat at $0.6544 at typing, with bears looking for a slide through Sep 24, 2020 low of $0.6512, which would open up Aug 20, 2020 low of $0.6489. Bulls need a recovery past Apr 20 high of $0.6813 to regain poise.
  • RBNZ Asst Gov Hawkesby said that the Reserve Bank no longer sees macroprudential tools as temporary and shifted to "seeing them to be a more permanent device to maintain the resilience of the financial system." He added that the central bank is now assessing what would constitute neutral macroprudential settings that would be neither expansionary nor contractionary for the property market.
  • New Zealand's monthly trade data will hit the wires shortly, with ANZ Business Confidence due later in the day. The Consumer Confidence survey will be published on Friday.
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