CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BLS: NET PAYROLLS REVISIONS FOR MAY, APRIL -111K

US JUN AVERAGE HOURLY EARNINGS +0.3% Vs MAY +0.4%; +3.9% YOY

US JUN UNEMPLOYMENT RATE 4.1%

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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MNI Riksbank Review: Attempted Hawkish Hold

RIKSBANK
  • The Riksbank held rates steady at 4.00% yesterday, contrary to the majority of analyst (and MNI’s) expectations of a 25bp hike.
  • The policy statement and press conference attempted to convey the message that the policy rate could be raised further should the inflation outlook deteriorate. However, the MNI Markets Team – alongside all the analyst reviews we have seen – do not believe a further hike is likely given today’s decision.
  • The decision was unanimous, which came as somewhat of a surprise. We had expected at least Dep. Governor Jansson to vote in favour of a hike given his hawkish leanings in recent communication. Thus, it seems that the threshold for further rate hikes is quite high, and rates may be kept on hold even if inflation runs slightly above forecasts (as with the development leading up to this meeting).
For the full Riksbank Review including summaries of 13 sellside reviews see the full document here.
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