MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY10 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1196 FRI VS 7.1192

MNI China Daily Summary: Thursday, June 20

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

MNI: UK MAY PSNCR GBP18.14 BN

MNI: UK MAY RETAIL SALES +2.9% M/M, +1.3% Y/Y

Retail sales and public finance data due at 7:00BST

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Retail sales surprises positively - but little monpol impact

UK DATA
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  • Higher than expected retail sales print with broad-based increases, particularly in clothing, furniture, sports equipment and toy stores.
  • The ONS also points to the soft prices of furniture and household goods in the May CPI print.
  • We don't think the retail sales data will have any real impact on monetary policy. More generally the ONS notes that " sales volumes rose by 1.0% in the three months to May 2024 when compared with the previous three months. However, they fell by 0.2% when compared with the three months to May 2023."
  • GBPUSD's immediate move higher was around 10 pips on the release of the data, moving above the overnight highs to 1.2675, around half of this has since been reversed.
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  • Higher than expected retail sales print with broad-based increases, particularly in clothing, furniture, sports equipment and toy stores.
  • The ONS also points to the soft prices of furniture and household goods in the May CPI print.
  • We don't think the retail sales data will have any real impact on monetary policy. More generally the ONS notes that " sales volumes rose by 1.0% in the three months to May 2024 when compared with the previous three months. However, they fell by 0.2% when compared with the three months to May 2023."
  • GBPUSD's immediate move higher was around 10 pips on the release of the data, moving above the overnight highs to 1.2675, around half of this has since been reversed.