MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

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

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

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

US Treasury Auction Calendar

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

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Attention turns to the US CPI

BUNDS
  • No surprises in seeing very tight and low volumes overnight for Bund and Treasuries, with long end strips pretty much flat going into the European session.
  • Although Bund has fully reversed the whole of the US NFP sell off on short cover and positioning, US Tnotes (TYM4) is still well short of those levels as investors look for the ECB to be the first to move out of the ECB, BoE, Fed on cutting their rates.
  • Resistance in Bund is at 132.70, followed by the 133.08 area, and 133.24.
  • Small support moves up to ~131.90 initially.
  • Today sees, Italy retail sales, Portugal final CPI, but the main focus will be on the US CPI/real earnings, while Wholesales inventories will be final reading.
  • FOMC minutes are also due.
  • SUPPLY: UK £4bn 2027 (equates to 11.7k Gilt) should have limited impact on Gilt, German €2.5bn 15yr (equates to 32.6k Bund) could weigh into the bidding deadline, Portugal 10s, 15s, 20s, should have limited impact, US sells $39bn of 10yr reopening.
  • SPEAKERS: Fed Bowman (voter), Goolsbee (non voter).
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