MNI China Daily Summary: Tuesday, Aug 20

RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

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

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Implied Front Rates Still Rising Post ADP, Service PMI

US EURODLR FUTURES
  • Eurodollars are down as much as 5.5 ticks on the day, led by reds, as higher rates are priced in following the large ADP beat and then further signs of service cost pressures in the final Markit PMI for Dec.
  • The Dec’22 is -3.5 ticks at 98.910 (implied 1.09%) and the Dec’23 is -3.5 ticks at 98.295 (1.710%) but the largest move has been in the Jun’23 with -5.5 ticks at 98.530 (1.480%).
  • The most actively traded, the Dec’22, has moved close to the recent lows of 98.90 that it has struggled to move through both immediately after the Dec FOMC decision and then earlier this week.
  • The upcoming FOMC minutes at 1400ET could include further elaboration on reasoning behind accelerating taper and discussions on how soon the FOMC might hike rates after taper is over.
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