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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EGB Spillover Continues In Holiday Thinned Trade

US
  • The sizeable rally in EGBs continues to spill over into Tsy futures, with TYM3 seeing an 11 tick intraday rally to 112-21 for +8 ticks on the day and clearly reversing any initial cheapening on the open in a cautious take on the debt deal still needing Congress approval. Volumes still unsurprisingly floundering with the US and UK on holiday, cumulative less than 70k vs recent av of 225k.
  • Fed Funds implied rates for near-term meetings are unchanged from earlier in the European session but have reversed increases for subsequent meetings for little changed from Friday’s close.
  • Cumulative changes from 5.08% effective: +15.5bp Jun (-0.5bp since Fri), +24bp Jul (-1bp), +18bp Sep (-1bp), +6bp Nov (unch), -9bp Dec (-0.5bp) and -24bp Jan (unch).
  • Goolsbee (’23 voter) yesterday echoed other Fed speakers that he doesn’t want to prejudge June’s rate move [notable releases between now and then include payrolls on Jun 2 and CPI on Jun 13]. He did however keep to dovish leaning remarks that Fed moves takes months, years to work through the economy.
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