MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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Post-Data React

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  • Fast two-way as Treasury futures gap higher then quickly reverses course after steady to lower than expected data, Jun'24 10Y futures trade 107-16 last (-7.5) after rising to 108-01 briefly post data. Initial technical support 107-13.5 (Low Apr 16) followed by 107-07.5 (76.4% of the Oct - Dec ‘23 bull leg (cont))
  • Weekly claims comes out (207k vs. 215k est, 212k prior), continuing claims (1.781M vs. 1.814M est, prior down revised to 1.796M from 1.812M).
  • GDP Price Index (3.1% vs. 3.0% est, 1.6% prior), GDP Annualized QoQ (1.6% vs. 2.5% est, 3.4% prior).
  • Personal Consumption (2.5% vs. 3.0% est), Core PCE Price Index QoQ (3.7% vs. 3.4% est).
  • Up next: Pending Home Sales at 1000ET followed by KC Fed Mfg activity at 1100ET. Wrapping up the week's Treasury supply with $70B 4W, $75B 8W Bill auctions at 1130ET, followed by $44B 7Y Note auction (91282CKN0) at 1300ET.
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  • Fast two-way as Treasury futures gap higher then quickly reverses course after steady to lower than expected data, Jun'24 10Y futures trade 107-16 last (-7.5) after rising to 108-01 briefly post data. Initial technical support 107-13.5 (Low Apr 16) followed by 107-07.5 (76.4% of the Oct - Dec ‘23 bull leg (cont))
  • Weekly claims comes out (207k vs. 215k est, 212k prior), continuing claims (1.781M vs. 1.814M est, prior down revised to 1.796M from 1.812M).
  • GDP Price Index (3.1% vs. 3.0% est, 1.6% prior), GDP Annualized QoQ (1.6% vs. 2.5% est, 3.4% prior).
  • Personal Consumption (2.5% vs. 3.0% est), Core PCE Price Index QoQ (3.7% vs. 3.4% est).
  • Up next: Pending Home Sales at 1000ET followed by KC Fed Mfg activity at 1100ET. Wrapping up the week's Treasury supply with $70B 4W, $75B 8W Bill auctions at 1130ET, followed by $44B 7Y Note auction (91282CKN0) at 1300ET.