MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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10Y Treasury Yield Clears 5% For First Time Since 2007

US TSYS
  • Treasuries have bear steepened ahead of the NY crossover, seemingly a reversal of hedging ahead of the weekend after limited meaningful regional escalation in the Israel-Hamas conflict since then.
  • Cash benchmarks trade 4.5bp to 9bp cheaper, with 10s leading the sell-off having finally breached 5% for the first time since 2007 after coming close multiple times last week. They registered a high of 5.0187%, currently at 5.006%.
  • 2s10s in the process touched fresh recent highs of -10.5bps, highs since Jul-2022.
  • TYZ3 trades at 105-15 (-17) just off lows of 105-12+ although it stopped short of testing support of 105-10+ (Oct 19 low) seen during the Chair Powell’s Q&A at the Economic Club of NY last week. Next support would be at 104-25 (2.0% 10-dma envelope). Volumes are solid at 375k after the lack of headline flow and a HK holiday.
  • Today’s docket is extremely light, with only the Chicago Fed’s National activity index at 0830ET and no Fedspeak amidst the media blackout.
  • Bill issuance: US Tsy $75B 13W, $68B 26W bill auctions (1130ET).
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