MNI: Fed: Policy Well Positioned To Respond To Risks

CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

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

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

MNI: BAKER HUGHES US RIG COUNT 585; OIL RIGS 479; GAS RIGS 101

EZ/UK T-Bill Calendar: Germany, France to Issue Bills Monday

EZ/UK Bond Supply Calendar: EU/UK Syndications Due Next Week

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

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Oil Brushes Off CPI Beat, Inventory Build

COMMODITIES
  • Crude oil has seen a mixed session, first falling on rampant US CPI as yields spiked before bouncing for solid session gains after a reasonable retracement in yields and the dollar subsequently weakening.
  • The increase comes despite a much larger than expected build in US crude inventories in EIA data (9.9mln vs 1.4mln expected).
  • Biden says he'll address gasoline prices next week.
  • WTI is +2.1% at $89.13 off a low of $85.56 that cleared the 20-day EMA of $86.25 and next open $84.94 (50% retrace of Sep 26 – Oct 10 rally) before the sharp reversal that leaves it closer to prior resistance at $91.35 (Aug 11 high).
  • Brent is +2.3% at $94.59 off a low of $91.08 that remained above the 20-day EMA of $90.59 (50% retrace of the same swing) that remains support.
  • Gold is -0.35% at $1667.43 having cleared support at $1659.7 (Oct 3 low) before bouncing, opening the bear trigger of $1615.0 (Sep 28 low).
Energy BulletsCommodities
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