MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

US EIA:NAT GAS STORAGE +65 BCF TO 3,199 BCF JUL 05 WK

Core Goods Above-Expected, But Headline Weakest Since Pandemic(2/2)

CPI Miss Driven By Comprehensively Slower Services Inflation (1/2)

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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Modestly Richer Pre Powell, Note Issuance and Bank Stress Test Results

US TSYS
  • Cash Tsys are modestly richer on the day in moves that started in European hours after narrow ranges through the Asia session, with Tsys slightly underperforming core EU FI.
  • It sees benchmark yields between -2-2.5bps on the day, led by the belly, in a move that only chips away at yesterday’s sell-off after stronger than expected US data. Powell’s Sintra appearance at 0930ET headlines the docket but 7Y supply and (late on) the Fed’s annual stress test results are also of interest.
  • TYU3 trades 5 ticks higher at 112-31+ on subdued volumes of 215k and within yesterday’s range. The bear trigger remains exposed at 112-12+ (Jun 14 low) after which lies 112-00 (Mar 10 low), whilst to the upside sits 113-18 (Jun 15 high).
  • Data: MBA weekly mortgage data (0700ET), Retail and wholesale inventories May/May P (0830ET), Advance goods trade bal May (0830ET)
  • Fed: Powell Sintra panel (0930ET), Fed Board annual bank stress tests results (1630ET)
  • Note/bond issuance: US Tsy $22B 2Y FRN Note auction (91282CGY1) – 1130ET, US Tsy $35B 7Y Note auction (91282CHJ3) – 1300ET
  • Bill issuance: US Tsy $46B 17W Bill sale – 1130ET
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