MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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-On Spurred by Dovish Waller

CROSS ASSET
  • Latest tip lower in Treasury yields provides fresh impetus for the rally in USD pairs, with EUR/USD looking to show above the $1.10 handle for the first time since August - move coincides with risk-on in equities, as the NYSE TICK index shows significant buy interest on the way higher in the e-mini S&P.
  • As noted below, the upside in risk coincides with dovish tones from Fed's Waller - countering the more inline with exp. Comments from Bowman, who favours hiking rates further if inflation progress stalls.
  • Key dovish quotes by Waller (quoted by Nick Timiraos):
  • Waller: "If you see this [lower] inflation continuing for several more months, I don't know how long that might be—3 months? 4 months? 5 months?—you could then start lowering the policy rate because inflation's lower."
  • "If inflation goes down, you would lower the policy rate. There’s no reason to say you would keep it really high if inflation’s back to target, for example."
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsFOMC Calendar Market News

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