BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

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

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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Crude Oil Pulls Back After Last Week's Stellar Gains

COMMODITIES
  • Crude oil retraces some of last week’s stellar gains, falling -2% in what are seen as overbought markets after its 17% gain.
  • Earlier in the session, Exxon is said to weigh the takeover Denbury, the US’s largest carbon-dioxide pipeline network, which Bloomberg reports as being potentially the biggest carbon-management investment since the Inflation Reduction Act passed in August and its large tax incentives for burying carbon dioxide.
  • WTI is -1.9% at $90.93, pulling back from an intraday high of $93.64 that now forms initial resistance but remaining above initial support at $79.14 (Sep 30 low).
  • Most active strikes in CLX2 have been $85/bbl puts today.
  • Brent is -2.0% at $95.98, down from an overnight high of $98.75 that also forms resistance but again not troubling support.
  • Gold is -1.5% at $1669.5 on a largely one way decline today as USD strength extended. It easily cleared support at 1695.2 (former trendline resistance) to open 1659.7 (Oct 3 low).
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