MNI RBNZ Preview-July 2026: Hike Or Hold???

The 8 July RBNZ meeting decision is likely to be a very close call but consensus expects a 25bp hike.

MNI Eurozone Inflation Insight: Softer June Buys ECB More Time

A softer than expected flash June inflation round gives the ECB more time to assess the timing of a second hike

MNI Asia Pac Weekly Macro Wrap:

A weekly wrap of some of the key macro themes/data outcomes for the Asia Pac region

MNI US Employment Insight: Solid First Half Ends On Soft Note

Download Full Report Here: https://media.marketnews.com/US_Employment_Report_Jul2026_c2f98c822a.pdf Executive Summary: Payroll Gains Disappoint, But Multi-Month Improvement Still Impresses Nonfarm payrolls growth stuttered slightly in June, with downward revisions casting a less-positive light on the prior months that had been seen as sealing the Fed's pivot away from its easing bias. Additionally, there were some details in the Household Survey of the report that suggested weakness on the labor supply side. But make no mistake: the state of the labor market was solid overall in the first half of the year, particularly versus concerns coming into 2026, with the unemployment rate remaining impressively well-contained. * Nonfarm payrolls were comfortably softer than expected in June at 57k (sa, cons 113k), while the two-month revision of -74k was evenly split across May (-43k) and April (-31k). * But looking through latest monthly swings, six-month run rates stand at their strongest since Jun 2024 for private payrolls and Oct 2023 when excluding health & social assistance courtesy of a strong run through Mar-May after Feb weakness. * Private payrolls weakness in June was concentrated in the leisure & hospitality sector in a development that questions World Cup-related discretionary spending. But overall, June saw the best breadth of jobs growth since late 2023/early 2024 * The fall in the unemployment rate to an unrounded 4.189% from 4.296% prior (vs 4.3% consensus, with some analysts seeing 4.2%; FOMC June median end-2026 is 4.3%) marked a 2nd consecutive fall and the lowest rate outright since June 2025. * With employment in the Household Survey again dropping sharply, this unemployment dip was also in large part a participation story: June saw a 63-month low in the participation rate, 61.55% after 61.83%. * The earnings side of the payrolls report was the closest to consensus amongst the main indicators, with monthly AHE growth at the stronger end of consensus but with some softer details. * Average hourly earnings increased 0.35% M/M (cons 0.3 with dovish skew to 0.2) in June with the modest beat offset by a downward revision to 0.27% M/M in May (initial 0.32%) after an unrevised 0.16% in April. * Low response rates to the surveys suggest ample room for future revisions. We note overall for this month's report that seasonal factors weren't a major tailwind. * Other recent labor market metrics were mostly solid too. Weekly jobless claims remain at relatively healthy levels, Challenger job cut announcements dropped to their lowest June level since 2023, JOLTS showed elevated job openings in May, and Revelio pointed to a 32-month high in payrolls in June. Less impressive were ADP private sector gains and the Conference Board's Labor Market Differential.