Major overnight headlines:
• ECB’s OMTs may be “practically” capped at EUR524 bln due to concentration on short-dated bonds, FAZ
• ECB’s Asmussen says revoking OMT would have “serious” consequences, Bloomberg says
• Chinese new CNY loans at 667.4 bln in May versus a rise to 815 bln expected
• Chinese may export growth falls to 1.0% y/y versus a smaller fall to 7.4% expected, import growth turns negative
• Chinese CPI growth rate falls to 2.1% in May versus a rise of 2.5% expected
• Japanese Q1 F GDP revised to 0.6% q/q versus a rise of 0.4% at previous estimate
• Japanese April total current account surplus at 750 bln versus a reading of 350 bln expected
• Swiss May unemployment rate at 3.2%, up from 3.1% previously
• Finnish industrial production down 9.7% y/y in April versus a fall of 0.4% expected
• French industrial production down 0.5% y/y in April versus a fall of 4.0% expected
• Norwegian May CPI in at 2.0% y/y versus a rise of 1.8% expected
• Italian Q1 F GDP revised to -0.6% q/q versus -0.5% at previous estimate
• EMU Sentix Investor Confidence gauge at -11.6 in June versus -11.3 expected
• ECB’s Nowotny sees “substantial challenges” on SSM in EMU, Bloomberg says
Read the full report: FX Daily
BMO