MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1305 THURS VS 7.1312

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

MNI BRIEF: ADP's Richardson Sees Pockets of Weakness in US Job Market

Australia May Exports +2.8%; Imports +3.9%

MNI:AUSTRALIA MAY TRADE BALANCE A$+5773

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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10Y Finished Richer After Seeing A Fresh 16-Year High Early On Friday

US TSYS

TYZ3 is trading at 108-25+, +0-03+ from NY closing levels.

  • It was a generally quiet end to a hectic week, with the 10-year yield touching a new 16-year high of 4.5064% before finishing 6ps lower at 4.43%. Friday's better close came despite ‘higher for longer’ messaging from Fedspeak, which reinforced the Fed’s "hawkish hold" earlier in the week.
  • Federal Reserve Governor Michelle Bowman called for "further rate hikes" to bring inflation back to target. At the same time, Boston Fed President Susan Collins said that further tightening is not off the table and emphasised that she expects rates to stay higher for longer. Meanwhile, San Francisco Fed President Daly said it's "unlikely inflation will reach 2% goal in 2024.
  • Tsy futures drew support after Flash PMI data came out mixed: S&P Global US Manufacturing PMI (48.9 vs. 48.2 est), Services PMI (50.2 vs. 50.7 est), Composite PMI (50.1 vs. 50.4 est).
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