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Summary – June 24

LATAM
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The BCB will publish its usual Focus survey on Monday, with attention remaining on analysts’ inflation expectations, which have been steadily increasing. Brazil will also publish May current account figures, while in Mexico mid-month CPI data are expected to show a pick-up in both headline and core inflation. Chile PPI data will also cross, while Argentina Q1 GDP is expected to fall 5.3% y/y
  • The data schedule in the US is quiet, with just the Dallas Fed manufacturing set to cross. This should keep focus on central bank communications, with the ECB's Villeroy and Schnabel set to speak, as well as the Fed's Goolsbee and Daly.
  • Global news:
    • ISRAEL - Prime Minister Benjamin Netanyahu said Israel will end the intense stage of fighting in Gaza soon and redeploy some forces to northern Israel where violence with Lebanon-based Hezbollah has escalated and triggered fears of another all-out conflict. Israel will now use more targeted operations against Hamas in Gaza, Netanyahu said.
    • JAPAN - Japan is ready to intervene in the foreign exchange market “24 hours a day” if needed, top currency official Masato Kanda told reporters in Tokyo on Monday. He said that there aren’t specific levels for intervention, but that excessive moves have a negative impact on economy. Meanwhile, the US report on Japan’s forex policy has “no impact,” Kanda also said.
    • FRANCE - Marine Le Pen’s far-right National Rally has made further gains ahead of the first round of France’s snap legislative election on Sunday, according to Bloomberg’s poll of polls, as President Macron faces the increasing likelihood of having to share power with an opposition government. The party has increased its lead by 0.3 point to 34.2%, while a leftist alliance called the New Popular Front is second with 28.2%, up 0.1 point. Macron’s Renaissance party and its allies are in third at 20.6%.
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  • The BCB will publish its usual Focus survey on Monday, with attention remaining on analysts’ inflation expectations, which have been steadily increasing. Brazil will also publish May current account figures, while in Mexico mid-month CPI data are expected to show a pick-up in both headline and core inflation. Chile PPI data will also cross, while Argentina Q1 GDP is expected to fall 5.3% y/y
  • The data schedule in the US is quiet, with just the Dallas Fed manufacturing set to cross. This should keep focus on central bank communications, with the ECB's Villeroy and Schnabel set to speak, as well as the Fed's Goolsbee and Daly.
  • Global news:
    • ISRAEL - Prime Minister Benjamin Netanyahu said Israel will end the intense stage of fighting in Gaza soon and redeploy some forces to northern Israel where violence with Lebanon-based Hezbollah has escalated and triggered fears of another all-out conflict. Israel will now use more targeted operations against Hamas in Gaza, Netanyahu said.
    • JAPAN - Japan is ready to intervene in the foreign exchange market “24 hours a day” if needed, top currency official Masato Kanda told reporters in Tokyo on Monday. He said that there aren’t specific levels for intervention, but that excessive moves have a negative impact on economy. Meanwhile, the US report on Japan’s forex policy has “no impact,” Kanda also said.
    • FRANCE - Marine Le Pen’s far-right National Rally has made further gains ahead of the first round of France’s snap legislative election on Sunday, according to Bloomberg’s poll of polls, as President Macron faces the increasing likelihood of having to share power with an opposition government. The party has increased its lead by 0.3 point to 34.2%, while a leftist alliance called the New Popular Front is second with 28.2%, up 0.1 point. Macron’s Renaissance party and its allies are in third at 20.6%.