MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

MNI:US JUN DURABLE NEW ORDERS -6.6%; EX-TRANSPORTATION +0.5%

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

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Futures Gaining Ahead FOMC

US TSYS
  • Treasury futures currently trading higher across the board, extending session highs with the FOMC policy announcement at the top of the hour (includes SEP), followed by Chairman Powell press conference at 1430ET: LINK
  • Yield curves still stubbornly flatter (2s10s -3.831 at -60.171), however, with short end rates gaining but well off highs: TUM2 currently +1 at 103-04, 2YY at 4.1552% vs. 4.2544% high on the open.
  • Front month 10Y futures printed a lower low at 113-26 earlier, putting prices briefly below 114-01+, the Mar 17 low, with firmer support is seen into 113-13, the 50-day EMA. A break of this average is required to signal a stronger reversal.
  • For bulls, a move higher higher would once again refocus attention on the key resistance zone between 116-24, Monday’s high and 116-28+, the Jan 19 high. This zone is a bull trigger.
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