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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1315 Fri; -1.12% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1315 FRI VS 7.1339

MNI: SPAIN JUN HICP +0.4% M/M, +3.6% Y/Y

MNI: FRANCE JUN HICP +0.2% M/M, +2.5% Y/Y

Lower-than-expected June Inflation Strengthens Case For August Cut

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 Prices Firm As Russian Repositions Forces

COMMODITIES
  • Oil and gold prices have firmed after softening yesterday as Russia repositions forces in a push to take the Donbas.
  • A much larger than expected draw on crude inventories in the US gave a small boost but it’s small compared to broader moves.
  • OPEC+ meets tomorrow and is expected to continue with the planned modest monthly production increase.
  • WTI is +3.3% at $107.6 having briefly cleared initial resistance from yesterday’s high of $107.84 which opens the bull trigger of $116.64 (Mar 24 high).
  • Relatively low volumes in the May’22 contract today. The most active calls have been $115/bbl and the most active puts have been $100/bbl.
  • Brent is +2.7% at $113.3 although didn’t quite test resistance at $114.83 (Mar 29 high). Support remains $104.84 (Mar 28 low).
  • Gold is +0.75% at $1934.0. It hasn’t challenged resistance of $1966.1 (Mar 24 high) and is comfortably above support from yesterday’s low at $1890.2 (Mar 29 low).
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