MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Post-Data React: Paring Losses

US TSY FUTURES
  • Futures inching off lower levels after higher than expected Initial Jobless Claims (218k vs. 210k est, 206k prior revised), Continuing Claims in line w/ estimate at 1.875M, prior down-revised to 1.861M from 1.865M.
  • Meanwhile: Advance Goods Trade Balance (-$90.3B vs. -$88.9B est, -$89.6B revised), Wholesale Inventories MoM in line w/ est at -0.2%, Retail Inventories MoM -0.1% vs. 0.2% est, 0.0% prior.
  • March'24 10Y (TYH4) trading 113-07 (-3.5), still well within technical levels: Initial technical support well below at 111-31+/111-20 (Low Dec 14 / 20-day EMA); resistance above at 113-12.5, a Fibonacci projection point (1.764 proj of the Oct 19 - Nov 3 - Nov 13 price swing).
  • Coming up at 1000ET: Pending Home Sales MoM (0.9% est).
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