CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1059 TUES VS 7.1043

MNI China Daily Summary: Thursday, April 22

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI BRIEF: China To Quicken Resolving Local Debt Risks

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Euribor Twist Steepens

EUROZONE
  • The Euribor futures strip has steepened in early trade with whites up 4.0-8.0 ticks and greens/blues down 1.0-5.0 ticks., mirroring the twist steepening in euro area sovereign curves.
  • At the short end, the policy rate path implied by ECB-dated ESTR forwards is marginally lower. A 75bp hike in October is 94% priced, with the same sized hike in December 89% priced. The terminal rate sits at 3% In June 2023.
  • The ECB's Olli Rehn this morning suggested that the October hike could be 50bp or 75bp, but also indicated that the neutral rate could be reached before Christmas and that policy rates could be raised to a restrictive level if necessary in order to rein in inflation.
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