MNI China Daily Summary: Monday, June 17

MNI BRIEF: China To Retaliate Against EU Pork Products

MNI BRIEF: China Consumption Can Continue Acceleration - NBS

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

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

EZ/UK T-Bill Calendar: 6-Month ESM-Bill Auction on Tuesday

Empire Survey Shows Improving Manufacturing Optimism At End-Q2

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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NZD/USD Firms On Better Regional Equity Tone, But Remains Below Last Week's Highs

NZD

NZD/USD is through Monday session highs, last tracking near 0.5930 (+0.30% for the session). Highs from Friday last week came in near 0.5945, while we got to ~0.5985 in the middle part of last week. Note the declining 20-day EMA comes in at 0.5990. Recent lows come in sub 0.5890.

  • NZD is benefiting from a softer USD backdrop, with the BBDXY tracking lower by ~0.15% at this stage. Softer US yields, coupled with a firmer regional equity tone, particularly in Hong Kong, are also positive.
  • NZ-US 2yr swap rate spreads remain near recent lows, +54bps. Early tomorrow we get July building permits data, followed by the August ANZ business sentiment readings on Thursday.
  • The NZ government is seeking to boost the tax intact, amid broader fiscal pressures. The government will introduce a tax on multinational tech companies, although it would come into effect until 2025 (see this link for more details)
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