MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

MNI: GERMANY IMPORT PRICE INDEX -0.4 % Y/Y, 0.0% M/M

MNI: SWEDEN MAY RETAIL SALES +0.8% Y/Y

MNI: UK Q1 GDP +0.7% Q/Q, +0.3% 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

Bear Steeper Ahead With PCE and Jobless Claims Landing First

US TSYS
  • Cash Tsys trade 1-4bp cheaper, led by 10s, with the steepening pushing 2s10s back to yesterday’s highs and currently at -36bps (+3bps).
  • Treasuries underperform EGBs after mostly softer than expected readings including Eurozone CPI, a surprise lift in the German unemployment rate and a downward revision for French GDP.
  • Monthly PCE and weekly jobless claims both at 0830ET are likely to set the tone for the session but there is still notable events afterwards including NY Fed’s Williams and the MNI Chicago PMI before heavy bill issuance. Quarterly core PCE data were yesterday revised lower back in Q3, whilst weekly claims surprisingly dropped last week although by our rough guide it looked to be on a beneficial seasonal adjustment which could bias an upward surprise this week.
  • TYH4 at 110-04+ (-5+) is close to the day’s low of 110-03+ but remains within yesterday’s range. The modest decline on the day doesn’t alter the recently reinforced bullish theme, with resistance at yesterday’s high of 110-15+ and then 110-25 (Fibo projection) but in the event of hawkish surprises today support is seen at 109-05+ (Nov 28 low).
  • Data: PCE Oct (0830ET), Weekly jobless claims incl payrolls ref. week for continuing (0830ET), MNI Chicago PMI Nov (0945ET), Pending home sales Oct (1000ET)
  • Fedspeak: Willams (0915ET) – see below for details.
  • Bill issuance: Tsy to sell $80B 4-week bills, $80B 8-week bills (1130ET)
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

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.