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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Consolidating Yesterday’s Bear Steepening, Important Docket Ahead

US TSYS
  • Treasuries have held relatively narrow ranges overnight compared to the sizeable bear steepening seen through yesterday in a move helped by very strong new home sales. Benchmark tenors ranging from back unchanged to just 0.5bp richer on the day. 2s10s sits at -16.5bps.
  • TYZ3 trades at 105-20+ in the middle of the day’s range off a low of 105-15+, again on decent volumes of 360k. The trend needle points south with support at the bear trigger of 105-10+ (Oct 19 low), whilst resistance is seen at 106-31 (20-day EMA).
  • As for Fed pricing, there is almost nothing priced for next week’s FOMC decision, whilst the terminal is still seen with almost 10bp of hikes to Jan’24 followed by 73bp of cuts to end-2024.
  • Data is firmly in focus today, including the first estimate for Q3 national accounts covering real GDP and core PCE (the latter giving a rough estimate for tomorrow’s September core PCE deflator), jobless claims and durable goods as well as various other monthly releases.
  • Issuance shouldn’t be ignored either with a 7Y coming after yesterday’s 5Y tailed by almost 2bps, along with heavy bill issuance with $95B and $85B of 4-week and 8-week bills respectively.
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