MNI BRIEF: China CPI Expected To Rise Moderately - NBS

MNI BRIEF: China Aug Output, Investment Hit Lowest Of The Year

MNI: PBOC Net Injects CNY138.7 Bln via OMO Saturday

CHINA AUG INDUSTRIAL OUTPUT +4.5% Y/Y VS MEDIAN +4.6% Y/Y: NBS

CHINA PBOC CONDUCTS CNY138.7 BLN VIA 7-DAY REVERSE REPOS SAT

MNI BRIEF: Turkish Central Bank Sees Further Disinflation

EZ/UK Bond Supply Calendar: Slovakia Auction, BoE APF on Monday

MNI BRIEF: China Aug M1 Drops Further To Hit Record Low

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Asia Sovs Little Changed, BI Rate Decision Shortly

ASIA RATES
DataEM BulletHomepagemarkets-real-timeBulletEmerging Market News

Asian EM sovs are mostly steady today, INDON is outperforming PHILIP curve as we await the BI rate decision due out a bit later today.

  • Bank Indonesia meet for the July rate decision and will likely keep the key rate at 6.25% as inflation remains well within the 1.5-3.5% band and the rupiah has strengthened since the last meeting. However, FX stability will remain the central bank's focus and rates are likely to be unchanged until the Fed eases and the IDR has strengthened further and consistently.
  • See MNI's BI Preview here
  • The INDON curve has bull-steepened since the last BI rate decision on June 20, with yields -20bps to +2bps , while the IDR is 1.90% higher over the same period.
  • The PHILIP curves has underperformed the INDON over the past month, with yields 5-15bps lower, there has been better buying through the 5-7yr part of the curve. We are little changed today.
  • The PH-US 5yr spread is trading towards the widest levels since early 2023, while the ID-US 5yr spread is trading back at June levels.
  • Cross-asset: Ahead of BI today the USD/IDR is 0.33% lower at 16,127, while the USD/PHP is little changed at 58.364. In equities the JCI is unchanged, while the PSEi is down 0.50%.
204 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Asian EM sovs are mostly steady today, INDON is outperforming PHILIP curve as we await the BI rate decision due out a bit later today.

  • Bank Indonesia meet for the July rate decision and will likely keep the key rate at 6.25% as inflation remains well within the 1.5-3.5% band and the rupiah has strengthened since the last meeting. However, FX stability will remain the central bank's focus and rates are likely to be unchanged until the Fed eases and the IDR has strengthened further and consistently.
  • See MNI's BI Preview here
  • The INDON curve has bull-steepened since the last BI rate decision on June 20, with yields -20bps to +2bps , while the IDR is 1.90% higher over the same period.
  • The PHILIP curves has underperformed the INDON over the past month, with yields 5-15bps lower, there has been better buying through the 5-7yr part of the curve. We are little changed today.
  • The PH-US 5yr spread is trading towards the widest levels since early 2023, while the ID-US 5yr spread is trading back at June levels.
  • Cross-asset: Ahead of BI today the USD/IDR is 0.33% lower at 16,127, while the USD/PHP is little changed at 58.364. In equities the JCI is unchanged, while the PSEi is down 0.50%.