MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% 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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Scotiabank Expect USDMXN To Remain At Current Levels Below 18.00

MEXICO
  • Regarding the implications on monetary policy, Scotiabank’s expectation is that the cutting cycle will begin at the end of the year. Thus, the debate will revolve around the month in which the cutting cycle would start (some analysts anticipate a cut as early as September).
  • As for the exchange rate, MXN appreciated this week to levels last seen in 2016, and we expect it to remain at current levels (below $18.0), supported by the rate differential (600 bps), and the US dollar weakness observed throughout the year.
  • However, Scotiabank reiterate a still uncertain outlook, particularly regarding the core component of inflation, as upcoming decisions will remain dependent on incoming data on inflation dynamics, along with international financial developments, such as the US debt ceiling and banking system tensions.
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