TYU3 deals at 109-10+, -0-07+, a range of 0-12+ has been observed on volume of 146k.
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Hong Kong markets have returned today and lost ground (HSI off by more than 2%). Japan markets are faring better on their return, but are only modestly higher in terms of the Topix. Trends are mixed elsewhere. US equity futures sit modestly in the red at this stage. Emini last just under 4550, -0.10% weaker, while Nasdaq futures were down 0.17%.
Supply chain issues were one of the reasons why G20 inflation rose above rates not seen since the series began in 1997. But they have been easing for around a year now and signal further downward pressure on headline inflation from this source.
Source: MNI - Market News/Refinitiv
Q2 CPI data is released on Wednesday July 19 and economists expect it to moderate further. The quarterly pace is forecast to step down to 0.9% q/q from 1.2% in Q1 to leave the annual rate at 5.9% down from 6.7%. If analysts are correct then inflation would be below the RBNZ’s Q2 forecast of 1.1% q/q and 6.1% y/y. The RBNZ appears to be on hold for now, unless inflation isn’t in the target band by H2 2024, with the risk to rates likely to stem from sticky non-tradeables inflation.