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

MNI: NORWAY JUN CORE CPI +0.2% M/M, +3.4% Y/Y

MNI: NORWAY JUN CPI +0.2% M/M, +2.6% Y/Y

June CPI: Surprise Unlikely To Shift Norges Bank Cut Expectations

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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Rand Loses Ground Despite Recovery In Commodity Space

ZAR

USD/ZAR has edged higher and last operates at ZAR18.1307, up ~230 pips on the day. From a technical standpoint, bulls look for gains towards Mar 21 high of ZAR18.6132 and Mar 8 high of ZAR18.7192. On the flip side, Mar 31 low of ZAR17.6993 provides a key near-term bearish target.

  • Local-currency bonds have softened and last trade 4.5-5.6bp cheaper, with South Africa's 10-year breakeven inflation rate climbing to 6.51%, the highest level since December 5.
  • The aggregate BBG Commodity Index has clawed back its earlier losses, with the precious metals index now up ~0.2%.
  • The ANC over the weekend discussed options for managing government coalition, while Electricity Minister Ramokgopa presented an 18-month plan to alleviate the energy crisis.
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