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 Ticks Higher, CPI On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) has ticked higher in early dealing on Monday and sits a touch off the base of the recent ranges after ticking lower last week. The measure sits ~0.7% below the top of the band.

  • USD/SGD continues to consolidate in a narrow range about the 20-Day EMA ($1.3686). The pair is unchanged from Friday's closing levels at $1.3725/30.
  • On the upside bulls target the high from 30 Nov 22 ($1.3765), a break through here opens $1.3904 a Fibonacci projection. Bears look to break the 20-Day EMA ($1.3683) to target the $1.36 handle.
  • September CPI is due this afternoon, headline inflation is forecast to tick marginally higher to 4.1% Y/Y from 4.0%. There is no estimate for the Core measure which came in at 3.4% Y/Y in August.
  • Further out on Thursday September Industrial Production is due before Q3 Home Prices on Friday.
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