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BoJ leaves policy settings steady

Chris Scicluna
Emily Nicol
  • BoJ leaves policy settings steady; makes predictable near-term revisions to growth and inflation forecasts but medium-term outlook unchanged.
  • Kiwi CPI rises 1.3%Q/Q in Q2, almost double expectations, lifting annual inflation to 3.3%Y/Y.
  • Kiwi manufacturing PMI rises in June, led by an increase in the employment index.

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UK reports payroll gains, coupled with striking pay growth figures

Chris Scicluna
  • China’s GDP grows 1.3%Q/Q in Q2, above expectations.
  • China’s IP, retail sales and FAI all beat consensus expectations for June; jobless rate steady at 5.0%.
  • Japan’s service sector activity slumps 2.7%M/M in May.

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UK CPI surprises on the upside

Chris Scicluna
Emily Nicol
  • Japan’s Reuters Tankan points to further improvement in business conditions facing manufacturers, while non-manufacturing conditions weakened on balance.
  • Japan’s May IP slump revised to 6.5%M/M, 0.6ppts deeper than first estimated; capacity utilisation falls to a 6-month low.

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China’s export growth unexpectedly picks up

Chris Scicluna
  • Final German and French inflation data for June provide no surprises.
  • BRC retail sales monitor suggests that UK spending was firm in June.
  • BoE FPC judges that households and businesses will need ongoing support from the financial system as government support measures unwind, and so expects to keep countercyclical buffer rate at 0% at least until December.

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Japanese orders surprise on the upside

Chris Scicluna
  • Japan’s core machine orders rise an encouraging 7.8%M/M in May despite emergency conditions.
  • US inflation and Powell's testimony to Congress will be closely watched, while the BoJ and RBNZ also have policy announcements.

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