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 China Daily Summary: Tuesday, July 16

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

MNI China Press Digest July 16: LPR, Q2 Data, Property

MNI: PBOC Sets Yuan Parity Higher At 7.1328 Tue; -1.79% Y/Y

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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Snapshot: Regional FX Takes Advantage Of Greenback Weakness, COP Struggles

LATAM
  • The extending strength for the commodity complex on Friday continues to support LatAm currencies, with all currencies bar the Colombian Peso supported by the more optimistic backdrop in across global markets.
  • Headlines from China regarding the potential relaxation of covid restrictions continues to boost the Chinese Yuan, which in turn is filtering through to the broad JPM EMFX index, which resides up over 1%.
  • Bullish technicals for both MXN and BRL are bolstering their recent appreciation and the significant bounce in copper prices explain CLP outperformance.
  • Most recent headlines:
    • AMERICANS MOVE TO MEXICO AT RECORD 85% RATE VS PRE-PANDEMIC (BBG)
    • PETROBRAS'S MASTELLA SAYS FUEL PRICES ARE FAIR IN BRAZIL (BBG)
    • BRAZIL'S PT PARTY SAYS LULA COULD HEAD TO BRASILIA NEXT WEEK (BBG)
    • LULA'S TRANSITION TEAM STUDYING HOW TO RAISE MINIMUM WAGE: PT (BBG)
    • U.N. CHIEF GUTERRES CONDEMNS NORTH KOREA MISSILE LAUNCHES, URGES PYONGYANG TO 'IMMEDIATELY DESIST FROM TAKING ANY FURTHER PROVOCATIVE ACTION' - U.N. SPOKESMAN (Reuters)
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN down 0.56% at 19.5356
    • USDBRL down 1.49% at 5.0393
    • USDCLP down 1.6% at 929.84
    • USDCOP up 0.56% at 5105
    • USDPEN down 0.26% at 3.962
    • Bbg Dollar Index down 1.25% at 1327.88
    • USDCNH down 1.91% at 7.1913
    • JPMorgan EM Ccy Index up 1.02% at 49.356
    • BBG Commodity Index up 2.9128 points (2.56%) at 116.5133
    • WTI Crude Oil (front-month) up $2.76 (3.13%) at $90.87
    • Gold is up $41.43 (2.54%) at $1670.75
    • Copper Futures up 23.95 (6.99%) at 366.45
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