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CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

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US Treasury Auction Calendar

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

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Curve Bull Flattens On Tuesday

US TSYS

TYH3 deals at 115-03, +0-02, in line with late NY levels.

  • Cash Tsys finished Tuesday 2-8bp richer across the major benchmarks, with the curve bull flattening.
  • A brief bid, as Philadelphia Fed Non-Mauf. Activity printed below expectations, was more than unwound on the back of firmer than expected, but still contractionary, flash PMIs.
  • A weaker than expected Richmond Fed Manf Index reading then aided bounce from session cheaps.
  • Rate locking activity and pre-auction positioning saw brief pressure as the 2-Year Tsy auction came into focus.
  • The auction stopped through by ~1bp, with a strong bid/cover and indirect take up observed.
  • Impulses from a bid in BTPs and firmer Gilts provided cross-market support at various points of the day.
  • Q4 and December CPI from Australia headline today in Asia-Pac. Further out matters north of the border are in view with the latest Bank of Canada monetary policy decision due Wednesday. On the supply side we have the latest 5-Year Tsy auction.
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