MNI SNB WATCH: Rate Cut On Knife-Edge As Disinflation Stalls

MNI China Daily Summary: Tuesday, June 18

MNI BRIEF: More Steps Needed On Integragted Finc'l Sevices-ECB

MNI: PBOC Net Injects CNY84 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY86 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Lower At 7.1148 Tues; -1.35% Y/Y

MNI: US APR BUSINESS INVENTORIES +0.3%; SALES +0.3%

Nascent Pickup In Industrial Momentum

MNI: US MAY INDUSTRIAL PROD +0.9%; CAP UTIL 78.7%

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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Slightly Firmer But Remains Around Five-Month Lows

GOLD

Gold is slightly higher in the Asia-Pac session, after closing +0.1% at $1897.48 on Tuesday. The yellow metal briefly pushed to its highest level since Aug 16 on Tuesday but didn’t trouble resistance at $1918.3 (20-day EMA), according to MNI's technicals team.

  • Bullion regained some lost ground after a paring of earlier intraday USD strength and the push higher in US tsy yields.
  • Nevertheless, gold remained near a five-month low on increasing signs that US interest rates will need to stay higher for longer.
  • The pivotal economic event of this week centres on the speech by Fed Chair Powell at the Jackson Hole gathering on Friday. The prevailing concern is that Powell might undermine investors' optimistic expectations, specifically the notion that the Federal Reserve has concluded its interest rate hikes and is poised to initiate rate cuts in the early months of the upcoming year.
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