MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1028 Tues; -5.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1028 TUES VS 7.0979

MNI China Daily Summary: Monday, April 15

MNI: PBOC Sets Yuan Parity Higher At 7.0979 Mon; -4.90% Y/Y

CHINA Q1 2024 REAL GDP +5.3% Y/Y VS MEDIAN +4.8% Y/Y: NBS

MNI UK Inflation and Labour Preview - April 2024 Release

EZ/UK Bond Supply Calendar: Dutch DDA, gilts, RFGBs Due Tuesday

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Market Roundup: Hawkish Forward Guidance Cools on PMI Services Miss

US TSYS
Tsys holding near midmorning highs at the moment, extending the overnight rally after weak US services sector PMI data followed contractionary reading in France and Germany overnight.
  • Early bid: Tsys surged after France and Germany mfg PMIs both missed expectations overnight, contractionary sub-50 reads at 49.6 and 49.2 respectively (UK mfg PMI bucked trend, coming out at 52.2 vs. 52.0 est).
  • Volumes spiked as Tsy futures furthered the rally (30YY 2.9477% low) after preliminary July reading of the SP Global mfg PMI of 52.3 vs. 52.0 exp (52.7 in June), service sector miss at 47.0 vs. 52.7 est (steady to June read).
  • Heavy first half volume w/ TYU2>1.2M, yield curves bull steepening off inverted lows: 2s10s +3.077 -18.372, 5s30s +6.124 at 11.753 as the forward rate hike expectations in latter half of the year cooled on the data. A 75bps hike is still expected next week while a 50bps move at the Sep policy meeting looks more likely.
  • Fed terminal rate now seen at 3.33%, from what had been seen at 3.69% after last week's US CPI beat.
  • Cross assets: Spot gold extends early gains +12.92 at 1731.73, crude makes modest gains: WTI +0.51 at 96.86.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.