BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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All eyes on US NFP

BUNDS

Bund Sep is now front month, and the contract trades in a fairly tight range, with the curve leaning steeper (5/30s), trading at highest levels since the 20th May..

  • Focus today is of course, all eyes on US NFP, Bloomberg economist estimates have widened to a range of 335k to 1mln.
  • US Factory orders are also scheduled as well as Durable goods, but final reading for the latter.
  • Out of the EU this morning, sees little in terms of tier 1 data.
  • SPEAKERS ECB Villeroy and Fed Powell on BIS climate panel. And G7 meet in London.
  • Early price action is seen in FX, with better USD buying on higher US Yields, and a better offered EUR, with EURUSD now down 1.31% from May's high.
  • We are likely to see some positioning adjustment with attention quickly turning to the ECB next week.
  • Latest ECB survey shows 79% expect PEPP to be maintained beyond June, 40% to run past March 2022.
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