MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

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MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1265 Mon; -0.32% Y/Y

Spain Manufacturing PMI June 52.3 (52.9 F'cast, 54.0 May)

Daily Average Exports Hold Close To Recent Highs, Trade Surplus Firms

MNI BRIEF: Business Inflation Expectations Solid - BOJ Tankan

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

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

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Minor Twist Steepening To Start The Day

CANADA
  • GoCs open with a subdued version of the twist steepening seen in Treasuries, with 2Y yields -1.4bps and 10Y yields +0.7bps. 2s10s sits at 16bps whilst 5s30s remains fractionally inverted.
  • The front-end is consistent with BAX futures firming in early trading as implied yields continue to slowly pull back from Friday’s highs in contrast to more aggressive sell-side calls over the past two days.
  • BMO look for back-to-back 50bp hikes whilst BoA and Citi forecast three consecutive 50bp increases.
  • No Canadian data of note today, with moves more likely taking a cue from Russia-Ukraine peace talk developments, Fedspeak and if a large enough surprise, US ADP and Q4 GDP revisions.
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