CHINA PBOC CONDUCTS CNY200 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

MNI China Daily Summary: Wednesday, July 24

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

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

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

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

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Analysts Revise Call For More Aggressive BCB Tightening Ahead

BRAZIL
  • USDBRL matched last Monday's lows around 5.1525 on Monday. 5.1150 would close the gap to the prior week's close. Below here, initial support is at 5.0550, Jul 15 low. Continued flattening in the DI swaps curve highlights markets now pricing more aggressive action from the Copom next week.
  • **This was supported by JPMorgan altering their call, now expecting 100bp hikes in August and September meetings. While keeping their end-of-the-cycle SELIC rate at 7.5%, they now see the following path: another 100bp hike in September, followed by a 75bp in October and a final 50bp in December, ending the year at 7.5%.
    • They cite higher inflation expectations and a spike in services in the last IPCA-15 reading.
  • Today: Brazil is expected to report a current account surplus of $3.80b in June, according to economists surveyed by Bloomberg, after a $3.84b surplus in prior reading. Central Bank releases report on its website at 9:30am. Treasury auctions of inflation-linked NTN-B local notes due 2026, 2030 and 2055.
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