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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Flat Restart


T-Notes are essentially flat at the re-open, last -0-04 at 131-26. Monday provided a very narrow, holiday-shortened session for the space after Friday's month-end driven movements, with cash markets closed until Tuesday's Tokyo open. A mere ~150K T-notes changed hands during Monday's session, with weekend focus falling on verbal guidance from the Chinese policymaking sphere re: the recent CNY appreciation, before the PBoC stepped in, hiking the foreign exchange reserve requirement ratio by 2ppt (to 7% from 5%), effectively locking up ~$20bn of liquidity in the FX market, per estimates from an ex-SAFE official. Focus now moves to Tuesday's USD/CNY mid-point fixing. Elsewhere, the latest RBA decision is due, with no real expectation for anything in the way of the dissemination of fresh, meaningful information.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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