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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Curve Steepens On Thursday

US TSYS

TYM3 deals at 110-18, +0-02, in line with levels seen late in the NY session.

  • Cash Tsys finished 1-7bps richer on Thursday, as the curve steepened.
  • Cross-market pressure from EGBs in lieu of stronger than expected core EU CPI weighed on Tsys.
  • Losses were extended on an unexpected drop in U.S. jobless data and upward revision to Q4 Labour costs.
  • A brief recovery off session lows was facilitated by comments from Atlanta Fed President Bostic. He noted he favours a 25bp hike in March, and the Fed may be in a position to pause in mid to late summer.
  • Later in NY hours Fed Gov Waller noted that a strong labour market could force the Fed to raise rates further than officials currently expect.
  • A block buyer in TY (10k lots), added some support late in the session.
  • Tokyo CPI, which is on the wires shortly, as well as Caixin Services and Composite PMIs from China headline in Asia. Further out the ISM Services survey provides the highlight ahead of the weekend. Fedspeak from Dallas Fed President Logan, Atlanta Fed President Bostic and Gov Bowman will cross.
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