MNI BRIEF: China March CPI Lower Than Market Expectation

MNI: PBOC Injects Net CNY2 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0968 Thurs; -4.96% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.0968 THURS VS 7.0959

MNI BRIEF: Brazil Inflation 3.93% In March, Lowest In 9 Months

CHINA MAR FOOD PRICES -2.7% Y/Y VS -0.9% Y/Y FEB

CHINA MAR CPI +0.1Y/Y VS MEDIAN +0.4%; FEB +0.7% Y/Y: NBS

MNI: US MAR TREASURY BUDGET -236.5B

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Market Roundup: Random Vol Continues

US TSYS

Random volatility/thin liquidity continues. Tsys were bouncing back near earlier post-data highs -- have reversed course, 30Y Bonds now mildly weaker as they gap lower/extend session lows reportedly in sympathy w/ selling in EGBs. Yield curves bear steepening off lows, 2s10s now +2.883 at 28.698 vs 23.711 low.

  • Stocks have reversed gains after the open: SPX eminis trading mildly weaker (ESM2 -20.0 at 4079.0) following lower guidance from Microsoft (4Q EPS $2.24-$2.32, SAW $2.28-$2.35), Ford auto sales 154,461, DOWN 4.5% Y/Y bbg.
  • Crude recovers from earlier losses, takes another leg higher after headlines annc EU approves "partial Russian oil ban, sanctions on Sberbank", Bbg.
  • June 10Y futures trading around steady to +1 at 118-21.5 while resistance at the 50-day EMA, at 120-11+ today, remains intact. A clear breach of this EMA is required to pave the way for a stronger recovery towards the 122-00 handle.
  • Recent gains still considered corrective and the primary trend direction remains down. Key support and the bear trigger is 116-21, May 9 low. Initial firm support to watch is 118-01+, May 18 low.
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