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

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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Shekel Inches Lower But Recent Cyclical Trough Remains Intact

ILS

Spot USD/ILS has edged higher today but resistance from Oct 20 high of 4.0815 remains intact, with the pair last trading +68 pips at 4.0723. The next layer of resistance above recent cyclical highs is provided by Jul 26, 2012 high of 4.0980.

  • Israel's limited ground incursion into Gaza dominated local headlines this morning, with the IDF striking some 250 Hamas targets, while holding off on a full-scale offensive for now. The "targeted raid" involved infantry forces and tanks, which have since been withdrawn to the Israeli side of the border.
  • Finance Ministry sources told Globes that Israel's Property Tax Compensation Fund is expected to run out after the first month of the ongoing war. The fund has become an alternative source of funding, used by the government to bypass the budget if there is a need of emergency spending.
  • The TA-35 Index remains under pressure, shedding 0.7% today and probing the water below the 1,600 mark for the first time since mid-2021.
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