MNI China Daily Summary: Thursday, August 15

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NORGES BANK SAYS RATE LIKELY ON HOLD FOR SOME TIME AHEAD

MNI BRIEF: China July Daily Crude Steel Output Down

MNI BRIEF: China PPI Decline Expected To Narrow In H2

MNI BRIEF: PBOC Delays Monthly Operation, Weakens MLF Role

MNI: US JUL INDUSTRIAL PROD -0.6%; CAP UTIL 77.8%

Core Retail Sales Momentum Picking Up

MNI: US AUG PHILADELPHIA FED MFG INDEX -7

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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NORGES BANK: Rates Unchanged, With Only Minor Tweaks to Language

NORGES BANK
Central Bank NewsCEEMEANorges BankBulletNorwayGlobalFixed Income BulletsForeign Exchange BulletsRegion

Norges Bank keep policy rates unchanged, as expected, with the statement broadly inline with expectations. They note: “Based on our current assessment of the outlook, the policy rate will likely be kept at the current level for some time ahead,”

  • Statement here: https://www.norges-bank.no/en/topics/Monetary-policy/Monetary-policy-meetings/2024/august/
    On the currency: "Committee was particularly concerned with developments in the krone exchange rate and the potential implications for inflation."
  • They add the word "particularly" there from prior guidance in June, where they said: "we are concerned with the krone exchange rate"
  • Policy rate kept at current level "for some time ahead" - fits with the up-rated language from June ("at today's level for some time and somewhat longer than we had envisaged earlier.")
  • EUR/NOK back to unchanged on the session after some mild, but short-lived post-decision NOK strength.
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Norges Bank keep policy rates unchanged, as expected, with the statement broadly inline with expectations. They note: “Based on our current assessment of the outlook, the policy rate will likely be kept at the current level for some time ahead,”

  • Statement here: https://www.norges-bank.no/en/topics/Monetary-policy/Monetary-policy-meetings/2024/august/
    On the currency: "Committee was particularly concerned with developments in the krone exchange rate and the potential implications for inflation."
  • They add the word "particularly" there from prior guidance in June, where they said: "we are concerned with the krone exchange rate"
  • Policy rate kept at current level "for some time ahead" - fits with the up-rated language from June ("at today's level for some time and somewhat longer than we had envisaged earlier.")
  • EUR/NOK back to unchanged on the session after some mild, but short-lived post-decision NOK strength.