MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

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

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Main focus is on the ECB

BUNDS
  • Bund remains within overnight ranges on the cash open, but the contract remains underpinned bid,, on safer haven flow, and Rate pause risk reward trades.
  • Fed delivered its hike and pause, albeit with the door open depending of Data looking forward, and will we get a similar stance from the ECB (regarding a pause)? While no doubt putting the emphasis on its data dependency.
  • Bund upside target is still at the 136.62/137.28 gap, with 136.88 in between, did print a 136.70 high yesterday, but the level area is intact.
  • Support is seen around the 135.68 initially.
  • Today sees, EU services PMIs but final for FR/GE/EU/UK, and out of the usual IJC.
  • Main event is of course the ECB, and presser, will supersede data.
  • SUPPLY: Spain 3s, 5s, 20s, France 10s, 15s, 30s, should weigh in early trade.
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