MNI: PBOC Net Drains CNY349.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1124 Fri; +2.56% Y/Y

CHINA PBOC CONDUCTS CNY30.1 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1124 FRI VS 7.1299

MNI BRIEF: Inflation's Down, Not There Yet - Fed's Barkin

MNI BRIEF: Jobless Claims Stays Low, 2Q GDP Revised Higher

Australia Jun Retail Sales +0.5% M/M

Japan Jul Retail Sales +2.6% Y/Y

Japan Jul Ind. Output +2.8% M/M; First Fall In 2 Mths

UK: Week Ahead

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MNI SNB Review: December 2023 - Shifting Into Neutral

MNI SNB Review: December 2023 - Shifting Into Neutral

MNI SNB Review: December 2023 - Shifting Into Neutral

Executive Summary:
  • Bank held policy rates unchanged at 1.75%, as expected
  • Inflation forecasts revised downwards, with growth seen sluggish
  • Clear change in communications over CHF approach, FX selling bias removed
Our full review including a summary of sell-side views and a broad transcript of the news conference can be found here:

SNBReview-2023-12.pdf

The SNB met broad consensus and market expectations by holding rates at 1.75%, but the change in communications around FX policy marked the most notable element of the decision. The SNB omitted the mention of the bias for FX sales, meaning the bank may see the CHF strength as having run far enough, and are more content with a neutral approach ahead. Keeping a balanced tone in the news conference, the bank stated that monetary conditions are currently appropriate – which keeps potential rate cuts at a distance.

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