MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

CPI Miss Driven By Comprehensively Slower Services Inflation (1/2)

MNI: US JUN CPI UNROUNDED M/M -0.056%, CORE 0.065%

MNI: US JUN CPI -0.1%, CORE 0.1%; CPI Y/Y 3.0%, CORE Y/Y 3.3%

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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Oil Finishing The Week Strongly

COMMODITIES
  • Crude oil prices are finishing the week on a strong note, up ~2% on a largely upward trend ever since Europe came in whilst markets remain very tight. This sees oil square up down fractionally on the week after a string of strong weekly gains.
  • The US held a call with Transatlantic allies on the Russia-Ukraine situation, with potential ramifications of that still to come.
  • WTI is +2.2% at $91.85 having trimmed gains slightly on an increased US rig count. Trend conditions remain bullish though, moving closer to initial resistance of $93.17 (Jan 4 high). First support is seen at the 20-day EMA of $86.83.
  • Brent is +2.0% at $93.21, with support seen at $89.93 (Feb 8 low) and resistance at $94 (Feb 7 high) with the outlook remaining bullish.
  • Gold also finishes the week on a stronger note, up 0.8% to $1840.7. After a volatile two days on inflation and Fed hiking fears, it’s back just shy of yesterday’s high of $1842.0 after which it’s back to eyeing the bull trigger of $1853.9 (Jan 25 high).
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