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

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

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Market Roundup: Bull Flattening Bounce Ahead FOMC, US$ Off 5Y Highs

US TSYS

Rates trading stronger, just off recent highs after midmorning data drop of factory/durable goods orders, JOLTS quit rates..

  • Curves bull flattening (2s10s -3.820 at 20.727, 5s30s -.1.058 at -3.783) as bonds extended early session highs -- reversing Mon's rout back to to late Friday levels: USM2 tapped 140-22 (+1-19), 30YY currently 2.9754 -.0573 vs. 3.0514 high. Prices scaling back bid ahead mid
  • Several early Block posts underscores curve flattening: selling 2s, buying 5s this morning. Position squaring, short covering ahead Wed's FOMC policy annc, 50bp hike expected
  • US 10Y technicals: TYM2 currently at 118-29 (+18) well off key short term resistance of 120-18.5 (High Apr 27). Otherwise, TYM2 moving average studies remain in a bear mode after trading down to 118-04.5 overnight.
  • Potential is seen for weakness towards 118-02+ next, a Fibonacci projection and 117-22+, the Nov 8 2018 low (cont).
  • Tsy bounce sees US$ coming off Mon's new 5Y highs this morning (Bbg US$ index DXY -.552 at 103.192 at the moment).
  • Stocks mildly higher now, ESM2 at 4154.5 vs. 4129.5 lows. Await more earnings announcements after the bell: Prudential Fncl (PRU), AIG, Air BNB (ABNB), Starbucks (SBUX), Advanced Micro Devices (AMD) to name a few.
  • Cross-assets: Gold rebounds +$7.42 at $1870.54; WTI Crude Oil (front-month) down $0.97 at $104.20.
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