MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

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

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

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Wednesday

MNI: US MAY CONSTRUCT SPENDING -0.1%

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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NEER Firmer, House Prices Fall In Q2

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer in early dealing, the measure is well within recent ranges and sits ~0.3% below the top of the band.

  • USD/SGD firmed yesterday as broader USD trends dominated flows on Thursday. The pair rose ~0.8% and is dealing in narrow ranges this morning. We sit at $1.3310/20.
  • Bulls now target the 20-Day EMA ($1.3331), a break through here opens the high from 12 July ($1.3412). Bears target a break of the low from 14 July ($1.3172).
  • The final read of Q2 URA Private Home Prices crossed a short time ago, home prices fell 0.2% Q/Q revised lower from the preliminary print of 0.4%.
  • A reminder the local docket is now empty for the reminder of the session.
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