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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Minor Paring Of Recent Large Gains,  Fedspeak & More Data Ahead

US TSYS
  • Cash Tsys reverse a further bid through the Asia session that came on technical flows following yesterday’s weak data, cheapening through European hours with some impetus from ECB’s Knot calling for multiple 50bp hikes.
  • Comments also late yesterday from Dallas Fed’s Logan (’23 voter) calling for a slower pace of 25bp hikes but to a higher level should financial conditions ease, with mixed implications for front Treasuries.
  • 2YY -0.2bps at 4.080%, 5YY +1.2bps at 3.450%, 10YY +1.4bps at 3.384%, 30YY +1.1bps at 3.549%
  • TYH3 trades 5 ticks lower at 115-24, off overnight highs of 116-08 in a clear breach of prior key resistance at 115-11+ (Dec 13 high). In doing so it cleared the 200-dma and opens 116-21+ (2.0% 10-dma env).
  • Fedspeak: Three appearances with text today from non-voter Collins (0900ET) plus permanent voters VC Brainard (1315ET) and then late on Williams (1835ET). We last heard from Brainard Nov 28.
  • Data: Housing starts/building permits for Dec at 0830ET after recent timely indicators suggest a potential bottoming in hosing in January. It hits along with Philly Fed for Jan and usual weekly jobless claims, Philly Fed of note after the surprisingly weak Empire mfg survey earlier this week.
  • Bond issuance: US Tsy $17B 10Y TIPS (91282CGK1) 1300ET
  • Bill issuance: $70B 4W, $60B 8W bill auctions (1130ET), $60B 44D CMB bill sales (1300ET).
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