MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1315 Fri; -1.12% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1315 FRI VS 7.1339

MNI BRIEF: Fed's Musalem: Interest Rates Likely To Be 3.5%-4% Over Long Run

FED’S DALY: POLICY ADJUSTMENTS LIKELY WARRANTED AT SOME POINT

CHINA JUN EXPORTS +8.6% Y/Y VS MEDIAN +8.0% Y/Y: CUSTOMS

MNI: CHINA H1 EXPORTS +6.9% Y/Y IN YUAN TERM: CUSTOMS

CHINA H1 EXPORT +3.6% Y/Y VS JAN-MAY +2.7% Y/Y

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

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

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

Asia Sovs Track US Yields Lower, BI Rate Decision Next Week

ASIA RATES
EM BulletDataHomepagemarkets-real-timeBulletEmerging Market News

Asian EM Sovs yields are lower today, although have underperformed moves made in UST. The softer-than-expected US CPI saw front-end US treasury yields fall 10bps, and chances of a September rate cut jumped to 90% from about 65% prior to the data. Next week we have the BI rate decision, where it's widely expected they'll keep rate on hold at 6.25%.

  • The INDON/PHILIP curves have seen most demand through the belly of their curves, INDON is out-performing with yields 4-8bps lower, while PHILIP curve is 3-5bps lower.
  • The front-end PHILIP curve continues to trade 5bps tighter than INDON but flattens out and trades 3-5bps wider out the curve.
  • Cross-asset: Local currencies have edged higher over the past two weeks, with the USD/IDR trading at 16,158 vs 16,478 highs, a 1.95% move, while the USD/PHP is 58.341 vs 58.930 representing a 1% move. Equities have performed well recently with the JCI up 9.27% and the PSEi is up 7.36% from recent monthly lows although equity flows into both markets have been muted with slightly more money heading into Indonesian equities.
  • The Philippines will issue about $500m of the 6.25% 2034 bond on Tuesday,
  • Looking ahead, Bank Indonesia rate decision on Wednesday
197 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 yields are lower today, although have underperformed moves made in UST. The softer-than-expected US CPI saw front-end US treasury yields fall 10bps, and chances of a September rate cut jumped to 90% from about 65% prior to the data. Next week we have the BI rate decision, where it's widely expected they'll keep rate on hold at 6.25%.

  • The INDON/PHILIP curves have seen most demand through the belly of their curves, INDON is out-performing with yields 4-8bps lower, while PHILIP curve is 3-5bps lower.
  • The front-end PHILIP curve continues to trade 5bps tighter than INDON but flattens out and trades 3-5bps wider out the curve.
  • Cross-asset: Local currencies have edged higher over the past two weeks, with the USD/IDR trading at 16,158 vs 16,478 highs, a 1.95% move, while the USD/PHP is 58.341 vs 58.930 representing a 1% move. Equities have performed well recently with the JCI up 9.27% and the PSEi is up 7.36% from recent monthly lows although equity flows into both markets have been muted with slightly more money heading into Indonesian equities.
  • The Philippines will issue about $500m of the 6.25% 2034 bond on Tuesday,
  • Looking ahead, Bank Indonesia rate decision on Wednesday