MNI BRIEF: Fed's Kugler Sees Renewed Progress On Inflation

MNI BRIEF: IMF Cuts Japan 2024 GDP View To +0.7% Vs. Apr 0.9%

CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

MNI BRIEF: All Options Open Next Meeting - BCB Deputy Galipolo

MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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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Risk lead cross assets

CROSS ASSET

Equities continue to drive cross assets, with US Equities taking their cue from Europe.

  • There's been no real clear driver, just some positioning unwind, with the move looking more corrective then news driven.
  • Volumes are still on the low side, with the street preparing for the ECB (Thursday).
  • German and US treasury curve are bull flattening, with better buying going through in the longer end. US and German 5/30s trade at the low part of the range.
  • USD is brushing aside the move lower in US yield, and the currency finds a bid on the risk off tone.
  • USD is at session high versus EUR, GBP, CAD, as broader base buying goes through
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