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MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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MNI BOE Review / UK Issuance Deep Dive - March 2024

BOE

In case you missed it, we published our BOE Review and UK Issuance Deep Dive on Saturday morning:

  • Together with the change in the vote shift and looking more closely at the Minutes and Governor Bailey’s accompanying statement, we think that there was a significant dovish shift.
  • The MNI Markets team continues to see around a 15% probability of a first cut in May, increase our view of the first cut in June to 35% (up from 30%), maintain our 40% probability view of an August first cut and now see a 10% probability (down from 15%) of the first cut being delayed further.
  • We also analyze how analyst expectations have evolved. There has been a slight shift in expectations post-meeting here with 3/22 analysts still expecting a first cut in May, 10/22 June, 9/22 August with none of the analyst reviews we have read looking for a first cut in September.
  • In addition, we look at the DMO's issuance alongside the BOE's APF sales calendars for the April to June period.
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