MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: FRANCE Q2 FLASH GDP +0.3% Q/Q, +1.1% Y/Y

MNI: FRANCE JUN CONSUMER SPENDING -0.5% M/M, -1% Y/Y

Australia Jun Total Dwelling Approved -6.5%

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

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Futures Cheaper With US Tsys On Debt Ceiling Deal Optimism

JGBS

In post-Tokyo trade, JGB futures are cheaper, closing -16 compared to settlement levels, after US cash tsys finished flat to 7bps cheaper with the curve flatter. US tsys faced pressure due to improved risk appetite, reflected in a 1.2% rise in the S&P500. The market anticipated a resolution to the debt ceiling issue.

  • US tsys rebounded from its lowest point as the latest 20-Year supply auction showed strong participation from indirect buyers.
  • FOMC dated OIS now implies approximately 60bp of interest rate cuts in 2023, a decrease from the roughly 100bp priced last week.
  • MNI's technical analyst reports that the JGB futures' continued appreciation indicates an extension of the present short-term bull cycle. Investors are now focusing on the March 22 high of 149.53.
  • According to a Bloomberg article, ING believes that better-than-expected economic expansion in the first quarter supports the view that the BoJ will adjust its yield-curve control policy at its monetary policy meeting in June. (link here)
  • The local calendar sees the release of April Trade, weekly International Security Flow (May 12) and April Tokyo Condominium For Sale data.
  • BoJ Rinban operations covering 1-10-year and 25-Year+ JGBs along with an auction of Y3.5tn 12-month bills are also slated for today.
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