MNI BRIEF: Fed's Kugler Sees Renewed Progress On Inflation

MNI BRIEF: IMF Cuts Japan 2024 GDP View To +0.7% Vs. Apr 0.9%

CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

MNI BRIEF: All Options Open Next Meeting - BCB Deputy Galipolo

MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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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Looking ahead

BUNDS

Bunds trades off the low, but 10yr yield still trades close to the 1yr high, highest since 19/03/2020 at -0.202%, printed -0.217% high.

  • Some investment house positioning for a hawkish ECB and a pick up in vaccine delivery for Europe has kept Core Govies better offered and under pressure,
  • This has in turn helped the EUR higher, also benefitting from the broad USD selling (on higher yield/risk on).
  • German 5/30s continues to trade in a fairly narrow range in April. Upside target here, is eyed at 90.684, highest level in April, printed 90.570 high today.
  • No tier 1 data are left for the session, some focus on the German Schatz supply for EU5bn (Equate to 45k Schatz, or 6.3k Bunds) in early trading.
  • Also likely today, EU 15yr.
  • ECB de Cos is the only scheduled speakers, but won't be on Monetary Policy with the awaited ECB Thursday..
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