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Mexican Retail Sales, PBOC Eases Rules on Capital Inflow to Curb Weak CNY

  • Mexican retail sales for May highlight the LatAm data calendar on Thursday and marks the last notable release for the week.
  • EU top diplomat, Josep Borrell, delivering doorstep comments ahead of an EU Foreign Ministers' meeting, has told reporters that a third night of Russian bombardment of Odesa, is going to create "a huge food crisis in the world," adding that if Russia has decided to, not only withdraw from the Black Sea grain initiative, "but destroy [Ukrainian grain], there will be a shortage of grain in the world."
  • MNI (Beijing) - The People's Bank of China has relaxed rules to allow firms to borrow more overseas, enabling more capital inflows at a time when the yuan faces pressure against the U.S. dollar. The central bank raised the so-called macro-prudential parameter for companies and banks’ cross-border financing to 1.5 from 1.25, in order to “increase their source of funding and optimise the structure of their balance sheet”, the central bank said in a statement on Thursday.
  • AUD trades firmly, outperforming all others in G10 following the solid June jobs report. Australia added 32.6k jobs across the month, doubling market expectations. This helped pressure the unemployment down to 3.5%, which also saw the previous outturn revised lower.

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